This paper quantitatively analyzes the impact of digital finance on financial efficiency. The results show that digital finance has slightly improved the efficiency of the financial sector, but there are significant differences in the impact of provincial efficiency in China. Although financial sector efficiency positively correlates with digital financial efficiency, digital finance gives backward regions disadvantages. The efficiency score and ranking of the financial sector in the eastern region are significantly higher than noneastern region. The progressive effect of digital finance on the efficiency of the financial sector in the eastern region is better than that in the noneastern region.

Digital finance is expected to improve the financial development of economic backward regions through its inclusive nature. Therefore, this paper selects the financial data of 30 provinces in China from 2011 to 2017 to evaluate regional finance disparities with the inclusion of digital finance, using the meta‐frontier slack‐based measure dynamic DEA model. The results are as follows. (1) The overall financial efficiency, input efficiency, output efficiency, and TGR in the eastern region are better than those in the non‐eastern region. (2) With the inclusion of digital finance, the finance efficiency gaps in the eastern and non‐eastern regions have expanded.

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