‘If you believe in a platform world…’ – Corporate banking and digital transformation in investor relations discourse

Recent economic and financial geographical literatures on Fintech have queried how financial incumbents’ operational and business models are changing with digital technologies. Providing financial services that enable firms to operate and internationalize, corporate banking is a key part of Advanced Producer Services (APS) where such transformations are underway. This paper contributes to geographical literatures on Fintech and APS change by developing a Cultural Economy approach to digital transformation in corporate banking at two large European banks - BNP Paribas and ING. Through a focus on discourse, processes and materialities, a Cultural Economy lens can help producing more nuanced geographies of digital transformation at incumbent banks.

Building on Investor Relations materials where digital strategies are discursively articulated for investors, the paper explores two tropes marking these discourses: ‘customer experience’ and the ‘digital platform’. Exploring these in depth, the paper contributes two main insights. First, where the trope of customer experience entails a folding of banking into customers’ spatiotemporalities, banks’ discourse reveal key entanglements between this topological digital space and a shifting topographical space of branch networks, established and emerging financial and service centres and entrepreneurial ecosystems. Second, incumbent banks’ discourse on digital transformation manifest, and is shaped by key path dependencies which are economic, technological, and geographic. Notably, questions of legacy IT systems, as well as economic and organizational restructuring following the 2008 financial crisis mark the distinctive ways in which incumbent banks are disputing the discursive field of digital financial re-intermediation vis-à-vis technology and Fintech companies.