  Digital Financial Services continue to expand and replace the delivery of
traditional banking services to the customers through innovative technologies
to meet the growing complex needs and globalization challenges. These
diversified digital products help the organizations (service providers) to
improve their firm performance and to remain competitive in the market. It also
assists in increasing market share to grow their profitability and improve
financial position. There is a growing literature on Digital Financial Services
and firm performance. At this point of the development, this paper systemically
reviews the existing (within last one decade) amount of literature
investigating the impact of DFS on firm performance, analyzes and identifies
the research gaps. We identify 39 works that have appeared in a wide range of
peer-reviewed scientific journals. We classify the methodologies and approaches
that researchers have used to predict the effect of such services on the
financial growth and profitability. We observe that despite rapid technological
advancement in DFS during the last ten years, Digital Financial Services being
the factor affecting firm performance did not get the reasonable attention in
academic literature. One of the reason is that almost all the authors limit
their research to banking sector while ignoring others particularly mobile
network operators (providing branchless banking) and new non-banking entrants.
We also notice that newer researchers often ignore past research and
investigate the same issues. This study also makes several recommendations and
suggest directions for future research in this still emerging field.
