This paper systematically reviews the available empirical insights on the interplay between financial governance and information technology governance and their impact on the performance of institutions in digital-intensive sectors. Using a structured search approach among the 2015–2024 periods, forty-six empirical studies were retrieved and assessed through a qualitative meta-synthesis using bibliometric and text-mining analyses. The findings show that the synergy between financial governance structures and mechanisms, such as governance indices, and IT governance structures and frameworks, such as COBIT, committees, and boards’ IT competencies, and other related variables, forms an architecture that has the ability to leverage performance. Through the forty-six studies, there was consistency in the performance gains through the synergy of the governance structures and variables. These performance gains include better financial performance, better organizational ability, and better digital performance. The findings further explain that classical financial controls rely on IT-enabled structures in their continued aims for transparency and quality in management and decision-making. There exists an unfulfilled knowledge gap in the studies concerning the possible relation between the performance measures in financial governance and IT governance. In an effort to develop and provide a meta-synthesis approach, the paper recommends the “Synergistic Governance Mechanism Model” and proposes five clusters, namely, “structural oversight, risk and compliance, information integrity, alignment and strategic integration, and dynamic capability” that addresses the synergy between performance and the five proposed clusters. The model and the approach help in the development and awareness pertinent to the synergy approach on governance. The paper develops the theory on the synergy approach and addresses the need for specialization in the domain. The paper aims to inspire and recommend the development and implementation process using the synergy approach. Upcoming studies should explore the different domain studies using the approach. The studies aiming to create awareness and the need for development should contain evidence beyond 2023. The need and development in the paper are and should be measurable.
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