Catherine Bessant hates the phrase "Big Data."

"As a term, it means different things to different people, and it creates a black box or a mystery around data," says Bessant, who is head of global technology and operations at Bank of America; the bank's CIOs report to her and she reports directly to CEO Brian Moynihan. "I think making data a black box works against its use. It overcomplicates the topic, when all you're really trying to do is add up the sum of the micro transactions to tell you something you couldn't see" before.

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