Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking & Finance Review®

Global Banking & Finance Review® - Subscribe to our newsletter

Company

    GBAF Logo
    • About Us
    • Advertising and Sponsorship
    • Profile & Readership
    • Contact Us
    • Latest News
    • Privacy & Cookies Policies
    • Terms of Use
    • Advertising Terms
    • Issue 81
    • Issue 80
    • Issue 79
    • Issue 78
    • Issue 77
    • Issue 76
    • Issue 75
    • Issue 74
    • Issue 73
    • Issue 72
    • Issue 71
    • Issue 70
    • View All
    • About the Awards
    • Awards Timetable
    • Awards Winners
    • Submit Nominations
    • Testimonials
    • Media Room
    • FAQ
    • Asset Management Awards
    • Brand of the Year Awards
    • Business Awards
    • Cash Management Banking Awards
    • Banking Technology Awards
    • CEO Awards
    • Customer Service Awards
    • CSR Awards
    • Deal of the Year Awards
    • Corporate Governance Awards
    • Corporate Banking Awards
    • Digital Transformation Awards
    • Fintech Awards
    • Education & Training Awards
    • ESG & Sustainability Awards
    • ESG Awards
    • Forex Banking Awards
    • Innovation Awards
    • Insurance & Takaful Awards
    • Investment Banking Awards
    • Investor Relations Awards
    • Leadership Awards
    • Islamic Banking Awards
    • Real Estate Awards
    • Project Finance Awards
    • Process & Product Awards
    • Telecommunication Awards
    • HR & Recruitment Awards
    • Trade Finance Awards
    • The Next 100 Global Awards
    • Wealth Management Awards
    • Travel Awards
    • Years of Excellence Awards
    • Publishing Principles
    • Ownership & Funding
    • Corrections Policy
    • Editorial Code of Ethics
    • Diversity & Inclusion Policy
    • Fact Checking Policy
    Original content: Global Banking and Finance Review - https://www.globalbankingandfinance.com

    A global financial intelligence and recognition platform delivering authoritative insights, data-driven analysis, and institutional benchmarking across Banking, Capital Markets, Investment, Technology, and Financial Infrastructure.

    Copyright © 2010-2026 - All Rights Reserved. | Sitemap | Tags

    Editorial & Advertiser disclosure

    Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    1. Home
    2. >Business
    3. >COVID-19 has accelerated digital transformation – but organisations are struggling to keep pace
    Business

    COVID-19 Has Accelerated Digital Transformation – but Organisations Are Struggling to Keep Pace

    Published by Jessica Weisman-Pitts

    Posted on September 8, 2021

    5 min read

    Last updated: February 12, 2026

    Add as preferred source on Google
    An Indian female lawyer wearing a face mask works on a computer, symbolizing the rapid digital transformation in businesses during the COVID-19 pandemic. This image represents the urgent adaptation and innovation required in the finance sector.
    Indian female lawyer working on a computer with face mask, reflecting digital transformation in business - Global Banking & Finance Review
    Why waste money on news and opinion when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Tags:innovationDigital transformationtechnologycustomersfinancial services

    Digital Transformation Accelerated by COVID-19: Challenges Ahead

    By Huw Owen, Head of EMEA and APJ, Couchbase

    Organisations of all sizes across all sectors had to prioritise their digital transformation plans with the outbreak of COVID-19. With the pressure to scale online services, other projects could well have seen significant delays, be scaled back, or fail completely.

    However, things didn’t grind to a halt. A recent McKinsey & Company study revealed that the rate of innovation is actually years ahead of expectation – on average, organisations saw seven years of progress in creating digital offerings in just a matter of months. The unique circumstances of the pandemic meant IT teams were under intense pressure to accelerate some of their digital transformation projects, and many took this opportunity to innovate. But whilst initially we have seen an increase in the speed and success of digital initiatives, this does not mask that there are still underlying issues holding organisations back. In the end, there is a finite amount of people and skills, and many organisations will have found themselves without the right technology or resources to deliver digital projects, and this will cause problems further down the line, even after the initial momentum caused by the pandemic has passed.

    IT teams are under pressure

    The pressure to deliver digital transformation projects has never been higher. With countries forced into national lockdowns overnight, IT teams had no choice but to quickly adapt.

    Organisations were faced with the prospect of rapidly developing new digital projects to keep up with customer demand, or risk losing out to their more forward-thinking competitors. However, they often had few resources at hand. Redirecting time and money in reaction to the pandemic was the most common reason why organisations’ digital transformation projects were limited last year, with 31 percent of organisations prevented from pursuing new projects in the last year because of the need to divert resources. Others have also seen projects suffer delays, be scaled back, or fail completely for this reason.

    But despite the challenges of the pandemic, IT teams still delivered. In a recent survey conducted by Deloitte and Fortune Magazine, 77 percent of CEOs said that COVID-19 accelerated their digital transformation plans – which is largely a consequence of the soaring demand for online services. This boom in digital innovation meant that many organisations created significant improvements to their end-user experience in their response to COVID-19.

    A short-term solution to a long-term issue

    Yet while COVID-19 may have caused initial momentum for organisations’ digital transformations, the pandemic also exposed several underlying issues holding IT teams back. The overnight change in consumers’ working and shopping behaviours forced developers to divert their resources to combat this surge in demand for digital services. However, this is a short-term reaction to a long-term problem.

    On average, organisations’ digital transformation spend grew from $27 million in 2019 to $27.5 million in 2020. Although the pandemic may have tipped the scales in terms of new investments in modernisation and innovation, the underlying problems in digital infrastructure still exist. Whilst reacting to new digital expectations was a necessary response, organisations must also look towards the long-term and channel their investments strategically. COVID-19 represents a permanent change to the way that customers work, live, and do business – and IT teams must view the pandemic as an opportunity to alter their digital transformation to keep up with demand.

    Old problems are holding organisations back

    Although the pandemic is a unique event, organisations should reflect on this period as a lesson to prepare for future crises. COVID-19 has exposed long-standing weaknesses which are stopping digital transformation projects from getting off the drawing board. Lack of skills to deliver new projects, reliance on legacy technology that cannot meet new digital requirements, lack of funds or resources, and the complexity of implementing new technologies are problems which were present long before the pandemic materialised. With failed, delayed or underwhelming projects caused by these issues costing enterprises $5.5 million a year, fixing them needs to be a priority. Online service performance relies heavily on selecting the right database, so without moving away from legacy technology, IT teams will struggle to deliver on their digital transformation projects – even after the initial boost due to COVID-19 has passed.

    Organisations that take full advantage of new, modernising database infrastructure will be at a considerable advantage. Modern databases offer greater agility, reliability, and security, which will enable organisations to reach their full potential in their digital transformation strategies, as well as ensuring resilience for future crises. Moving away from outdated technology is just one way to put them in the best position to drive digital transformation success and adapt to the long-term change in consumer habits. By rethinking their past technology decisions, organisations can emerge stronger than ever from the pandemic.

     

    Frequently Asked Questions about COVID-19 has accelerated digital transformation – but organisations are struggling to keep pace

    1How has COVID-19 affected digital transformation efforts?

    COVID-19 has accelerated digital transformation plans across organisations, pushing them to adapt quickly to new customer demands and innovate at an unprecedented rate.

    2
    What challenges do IT teams face during this transformation?

    IT teams are under immense pressure to deliver digital projects rapidly, often struggling with long-standing weaknesses that were exposed during the pandemic.

    3What did the McKinsey study reveal about innovation rates?

    The McKinsey study indicated that the rate of innovation has advanced years ahead of expectations, with organisations experiencing an average of seven years of progress in a short time.

    4What financial changes occurred in digital transformation spending?

    On average, organisations' digital transformation spending increased from $27 million in 2019 to $27.5 million in 2020, highlighting a shift towards modernisation.

    5What advantages do modern databases provide?

    Modern databases offer greater agility, reliability, and security, which can significantly benefit organisations looking to enhance their digital transformation efforts.

    More from Business

    Explore more articles in the Business category

    Image for Submit Your Entry for Years of Excellence Awards 2026
    Submit Your Entry for Years of Excellence Awards 2026
    Image for Nominations Open for Travel & Hospitality Awards 2026
    Nominations Open for Travel & Hospitality Awards 2026
    Image for Submit Your Entry Today for Telecom Awards 2026
    Submit Your Entry Today for Telecom Awards 2026
    Image for Submit Your Entries for The Next 100 Global Awards 2026
    Submit Your Entries for the Next 100 Global Awards 2026
    Image for Submit Your Entry: Public Sector & Governance Excellence Awards 2026
    Submit Your Entry: Public Sector & Governance Excellence Awards 2026
    Image for Nominations Invited for Real Estate Development Awards 2026
    Nominations Invited for Real Estate Development Awards 2026
    Image for Submit Your Entry: Process & Product Awards 2026
    Submit Your Entry: Process & Product Awards 2026
    Image for Call for Entries: HR & Recruitment Awards 2026
    Call for Entries: HR & Recruitment Awards 2026
    Image for Submit Your Nominations Today for Education & Training Awards 2026
    Submit Your Nominations Today for Education & Training Awards 2026
    Image for Join the Corporate Governance Awards 2026: Showcase Your Organisation’s Leadership
    Join the Corporate Governance Awards 2026: Showcase Your Organisation’s Leadership
    Image for Submit Your Entry Today for Business Awards 2026
    Submit Your Entry Today for Business Awards 2026
    Image for Decentralized Masters’ ‘family culture’ building trust instead of hierarchy
    Decentralized Masters’ ‘family Culture’ Building Trust Instead of Hierarchy
    View All Business Posts
    Previous Business PostPower to the People: How Consumers Are Calling the Shots When It Comes to Data Privacy
    Next Business PostIntroducing Payment Gateways – the Key to Secure E-Commerce