Blockchain and ICT For Strategic Integration Of ESG Compliance And Financial Innovation In The Banking Sector: A Pathway To Enhanced E-Governance And Government Transparency
Abhay Shrinag, Ujjwal Parashar, Kuldeep Singh · 2024
This study explores the strategic integration of Environmental, Social, and Governance (ESG) compliance with financial innovation in the banking sector. It mainly emphasizes the transformative role of blockchain and Information and Communication Technologies (ICT) in e-Governance and governmental operations. Banks mainly navigate an increasingly complex regulatory landscape and heightened expectations for sustainability. However, the adoption of innovative digital technologies has emerged as a crucial driver in order to achieve ESG objectives and to enhance operational efficiency. Basically, this research examines how blockchain and ICT can facilitate transparent, secure, and efficient ESG compliance and financial innovation. This study is based on a mixed-method approach that includes data analysis, case studies, and expert interviews. The study identifies key enablers and barriers to this integration. The outcomes reveal that blockchain technology enhances data transparency and security. Whereas, ICT solutions improve regulatory compliance and reporting efficiency. The study also outlines a framework for banks to adopt these technologies effectively with both strategic and operational perspectives. Recommendations are provided for policymakers and financial institutions to nurture a more sustainable and innovative banking environment. This research contributes to the knowledge of how digital transformation can support the banking sector’s commitment to sustainability and innovation.