譯文（字?jǐn)?shù) 3415）：

[摘要] 本文探討了未來的金融中介機(jī)構(gòu)和銀行作為特殊的金融中介機(jī)構(gòu)在互聯(lián)網(wǎng)時代可能會出現(xiàn)的問題。降低由互聯(lián)網(wǎng)造成的交易成本，將減少進(jìn)入金融產(chǎn)品市場的門檻，因此有可能不再需要運(yùn)行一個龐大的成本密集的分支系統(tǒng)。但作為金融中介的功能是要仔細(xì)的檢查顯示，并非人人都能銷售和分銷金融產(chǎn)品。它也是真實(shí)的，因?yàn)樵诮鹑跇I(yè)務(wù)的非對稱信息問題，需要一個良好的聲譽(yù)，以此需要保持大量資金，以改變資產(chǎn)風(fēng)險的中介。這兩項規(guī)定都是進(jìn)入金融中介市場的一個重要障礙。并不是每一個金融產(chǎn)品都會受到更多的競爭并有一個低風(fēng)險，但由于互聯(lián)網(wǎng)的崛起，只有產(chǎn)品的標(biāo)準(zhǔn)化。并且，有著大量的資本和良好的聲譽(yù)的大公司被視為銀行的新的競爭對手。

關(guān)鍵詞：銀行，網(wǎng)上銀行，金融中介機(jī)構(gòu)，互聯(lián)網(wǎng)

外文原文（字符數(shù) 35732）：

Banking is essential, banks are not. The future of financial intermediation in the age of the Internet 

This paper examines the question how the future of financial intermediaries and banks as special financial intermediaries may look like in the age of the Internet. The reduction of transaction costs caused by the Internet will reduce the barriers to enter the market for financial products, because there may be no longer a need to run a large system of cost-intensive branches. But as closer examination of the functions of financial intermediaries shows, not everybody can sell and distribute financial products. 

This is true because of asymmetric information problems in financial business which require an intermediary with a good reputation and because of the need to keep large funds of capital to transform the risk of assets. Both requirements represent an important barrier to enter the market for financial intermediation.Not every financial product will be exposed to more competition due to the rise of the Internet but only products which are standardized and have a low risk. Moreover, large firms with high amounts of capital and a good reputation can be considered as new competitors for banks. 

Keywords: banks, banking, financial intermediaries, Internet