Over the past 5 years, stock analysts have challenged JPMorgan Chase executives for keeping so many branches open as customers increasingly banked online. Giving up real estate, the analysts said, was an obvious way the bank could save money when interest income was flagging and regulatory and legal costs were climbing.

But Chase executives resisted, arguing that branches are great billboards for the Chase brand and essential to attracting people who want to open accounts or make major transactions in person. Now it looks like the executives were right, or at least closer than other banks to delivering the right mix of physical and digital customer service. Chase consumer bank, with $607 billion in deposits, is setting up for a massive payoff if it can keep those funds and the company can lend them at higher interest rates in a stronger economy.

However, full payoff is not a sure thing for JPMorgan Chase:

• Loan demand and lending rates could fall short.
• The economy might become so strong that depositors put their money to better use.
• Lending could be so attractive that JPMorgan rivals lure deposits away with higher and higher rates.