It is often stated that IT is able to transform entire industries. The emergence of digital technologies enables, among other things, new business models and therefore, obviously constitutes an industry transformation potential. However, IS research that actually deals with digitally enabled industry transformation is still rare. Motivated by its IT intensive nature, the research focus of this paper lies within the financial service industry. Prior research that deals with individual units or sectors is synthesized with the aim to draw inference on the financial service industry. The identified research articles are categorized into business, customer and technology relationship. The results include that digital technologies enables new business models, cause (dis)intermediation and customer centricity becomes increasingly important for financial service providers. Additionally, the interaction between user and technology changes and information is increasingly digitized. Finally, possible future research questions are named.