LONDON, (Reuters) –JPMorgan’s Chase in Britain consumer bank has attracted over half a million customers in eight months since its launch. This is the Wall Street giant’s most comprehensive snapshot to date of how this digital venture is doing.

Chase also has 10 billion pounds worth of British customer deposits and Chase processed over 20 million payment transactions, Sanoke Viswanathan (NYSE:), chief executive of JPMorgan’s International Consumer Business, said Monday at the bank’s Investor Day.

However, the rapid growth came at a price. JPMorgan estimates that the venture will result in a loss of 450 millions dollars for the company this year. Slides accompanying the presentation show how the global consumer business could break even within 5-6 years.

JPMorgan has chosen Britain as its test ground for digital consumer bank services. It is doing so to diversify revenues and compete with local counterparts.

Following initial offering cashback and current accounts, the bank launched savings accounts in Britain. The bank plans to provide investments through the integration of Nutmeg, its digital wealth management system.

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