Environmental, Social and Governance in BFSI: A Systematic Review and Bibliometric Analysis

This study maps the intellectual structure and thematic evolution of Environmental, Social, and Governance (ESG) and sustainable finance research in the Banking, Financial Services, and Insurance (BFSI) sector using an integrated bibliometric and thematic analysis. A total of 61 peer-reviewed journal articles indexed in the Scopus database were analysed using performance indicators and science-mapping techniques to examine publication trends, key contributors, institutional and country-level influence, and collaboration patterns. Keyword co-occurrence and thematic clustering were employed to identify dominant and emerging research themes. The analysis reveals a rapid growth of ESG-focused BFSI research in recent years, with strong contributions from developed economies and increasing thematic diversification. Core themes centre on ESG integration, financial performance, governance, and risk, while emerging themes highlight regulatory dynamics, COVID-19 impacts, and alternative finance models such as Islamic finance. The study provides a consolidated overview of the ESG BFSI research landscape and identifies gaps to guide future research and policy development.