WASHINGTON - Technology advances have negated a strategic advantage banks once enjoyed over competitors - the superiority of their financial information - and the industry needs to modernize itself to stay competitive, Federal Reserve Chairman Alan Greenspan said Monday.

"The explosion in the quantity and quality of information is reducing uncertainty, and that is particularly important because the banker's stock in trade, the basis of an institution's franchise value, is information," Mr. Greenspan said in a speech here at the American Bankers Association's annual convention.

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