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New figures released by ITU indicate that over the past 15 years, information and communication technologies (ICTs) have grown in an unprecedented way, providing huge opportunities for social and economic development. The new figures track ICT progress and show gaps in connectivity since the year 2000, when world leaders established the United Nations Millennium Development Goals (MDGs).Today, there are more than 7 billion mobile subscriptions worldwide, up from 738 million in 2000.

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Retail banks (including thrifts and credit unions) in the U.S. will spend nearly $16.6 billion on hardware, software, services, and internal IT staff in order to develop and implement digital transformation initiatives in 2015. And this spending on digital transformation will grow at an average CAGR of 10.4% into 2019, according to recent IDC Financial Insights spending models. This compares to an overall IT spend growth of 3.9% for U.S. banks. A new report from IDC Financial Insights, “The Cost of Digital Transformation in US Banking: The Critical Technology Investments in 2015 and Beyond,” outlines how much money is being invested by U.S. banks in digital transformation, where those investments are going, and where IDC Financial Insights believes the growth will be the strongest in digital transformation investment.