写在前面
这篇文章是Brett King在一次演讲中的内容，标题是”银行4.0与金融服务的未来“。我把演讲内容全部摘抄了下来。
Brett King 是一位国际知名的金融科技专家、作家和演说家。著有《Bank 3.0》《Bank 4.0》等多本在金融科技领域具有广泛影响力的书籍。
本篇文章有2个部分：
- 演讲正文与英文详解
- 关于金融服务的思考
本篇文章有3个目的或者作用：
- 作为英文学习材料，里面有很多英文的表达是值得我们学习的。特别是关于金融领域的词汇。
- 作为金融领域知识，值得金融从业人员学习，里面有很多关于银行的发展以及金融服务的发展的理念。
- 分享一些自己观后的一些思考和总结，特别是作者关于金融服务的未来的部分。
注：文中的翻译部分使用了AI，其余均为自己创作。
演讲正文
先来阅读一下作者的演讲全文，文中关键的英文单词或者短语我都做了标注和解释。同时包含了中英文对照。原文是我从演讲中摘抄出来的，中文是我用AI翻译加我自己校对的。（虽然说AI翻译已经非常厉害了，但可惜还是离不开人工校对。）加粗的文字是我认为作者的金句。
Guten morgen, it’s great to be here.
早上好，很高兴来到这里。
Guten morgen是德语的早上好。I hope I don’t disappoint after that glowing introduction.
希望我的介绍不会让你失望。
But yeah it’s quite a thing to wake up one morning and find your Twitter feed getting blown up by people saying: “isn’t that your book on President Xi’s shelf?”
不过一早醒来，发现自己的推特被人刷爆了，确实是件好事， “主席的书架上不是你的书吗？”
blow up：爆发，爆炸。 这里主要指推特被刷爆了。Blown是blow的过去分词。So, that’s pretty cool.
所以，这很酷。
As a futurist , one of the things that you try and do is you’re not just looking at what’s going to happen in the future.
作为一个未来学家，你要做的一件事就是你不能只关注未来会发生什么。
futurist：未来学家You have to look at analogies for what might happen based on what’s happened in the past.
你必须根据过去发生的事情来类比可能发生的事情。
analogy： /əˈnælədʒi/ n. 类比，比拟；JP and I were talking about this last night, a futurist told him once, “you have to be a good pastist,” understanding the past to understand the future.
JP和我昨晚在谈论这个话题时，一位未来学家曾告诉他，“你必须是一个优秀的历史学家”，了解过去才能了解未来。
And when you look at what’s happening in financial services broadly.
当你看一下金融服务领域正在发生的事情时，你就会明白这一点。
broadly: /ˈbrɔːdli/ adv. 广泛地，普遍地；When we look at isolated technologies like blockchain or the smartphone, for example, we might think of these as a data solution for the bank.
当我们看到区块链或智能手机等孤立的技术时，我们可能会认为这些技术是银行的数据解决方案。
Or we might think of mobile like a channel for the bank.
或者，我们可能会认为移动手机就像银行的一个渠道。
But if you step back from those specific technologies and you look at what’s happening in the world, something is changing.
但是，如果你从这些特定技术中抽身出来，看看世界正在发生什么，就会发现有些东西正在发生变化。
step back from: 从……退后：停止或减少对某事的参与或关注。The world is digitizing and the world is digitizing because we’re seeking low friction and immediacy.
世界正在数字化，世界正在数字化，因为我们正在寻求低摩擦和即时性。
friction: /ˈfrɪkʃ(ə)n/ n. 不和，分歧；摩擦；摩擦力
immediacy: /ɪˈmiːdiəsi/ n. 直接；及时性We want immediate responses, we want stronger commerce connections that can scale up more rapidly.
我们想要即时响应，我们想要更强大的商业联系，能够更迅速地扩展。
These are the systems that are changing globally.
这些都是全球正在发生变化的系统。
So within that framework, you can’t expect banking and financial services to stay the same as it has been.
因此，在这个框架内，你不能指望银行和金融服务一成不变。
Because, ultimately, it has to shift.
因为，归根结底，它必须转变。
So when we look at these phases of development of banking, if you overlay technology on this, you understand that it’s not just about inserting technology into banking, there’s a larger shift.
因此，当我们审视银行业发展的这些阶段时，如果将技术叠加上去，就会明白这不仅仅是在银行业中植入技术，而是一个更大的转变。
Part of the shift is around trust and the utility of the bank.
转变的一部分是围绕信任和银行的实用性。
So when we look at the Bank 1.0 world, the foundational elements of banking, going back to the time of the Medicis and Florence and Firenze and places like that.
因此，当我们审视银行 1.0 世界时，银行业的基本要素可以追溯到美第奇家族、佛罗伦萨和佛罗伦萨等地的时代。
美第奇家族（`the Medicis`）主要活动在佛罗伦萨（Florence，意大利语为 Firenze）。美第奇家族以银行业起家，建立了庞大的金融帝国。他们的银行网络遍布欧洲，为各国君主和贵族提供金融服务，积累了巨额财富。美第奇家族是文艺复兴的重要赞助者。When you look at that, banking was very simple, you would go to the bank and we trusted the bank because that was the safe place to store the money.
银行业务非常简单，你可以去银行，我们信任银行，因为银行是安全的储钱场所。
But transactionally, as our demands on the banking system increased, we needed to put technology in place to keep up with the demands of utility.
但在交易方面，随着我们对银行系统的要求越来越高，我们需要引进技术来满足实用性的需求。
This is the first bank mainframe called ERMA.
这是第一台名为 ERMA 的银行大型机。
mainframe: n. [计] 主机；大型机Electronic Recording Machine for Accounting.
ERMA，它是一种用于银行的计算机技术，实现了银行记账和支票处理的自动化。最早由通用电气生产。ERMA 的出现标志着计算机技术开始在银行业发挥重要作用，推动了银行业从手工处理向计算机处理的转变，对银行业的现代化和发展产生了深远影响。This was, I think, where acronyms were introduced into banking, through technology.
我想，这就是通过技术将缩写引入银行业务的地方。
acronym: n. 首字母缩略词This was built by MIT for Bank of America in 1953 and it was primarily designed to do check processing back then.
这是麻省理工学院 1953 年为美国银行设计的，当时主要用于支票处理。
check ：这里的check是指支票。
back then ：当时，指过去的某个时间点或时期。So, technology started to change the banking sector.
因此，技术开始改变银行业。
the banking sector：银行业Now you probably don’t know this, but prior to the introduction of ERMA and mainframes, we never had bank account numbers.
你可能不知道，在引入ERMA和大型机之前，我们从来没有银行账号。
prior to：在……之前，先于You’d go to a bank and they would fill out a card, they’d put your name on it and that was your account record and your customer record.
你去银行，他们会填写一张卡片，写上你的名字，这就是你的账户记录和客户记录。
Your name and address was on a physical card in a bank branch.
你的姓名和地址都在银行分行的实体卡片上。
This was why, for 30 years after this, with some banks, you couldn’t move from one branch to another without opening another account.
这就是为什么在这之后的 30 年里，有些银行在不开设另一个账户的情况下，你不能从一家分行转到另一家分行。
Because they stored your bank account details on this little card.
因为他们把你的银行账户信息储存在这张小卡片上。
But ERMA couldn’t sort customer information by name, so they had to give each customer and each account a unique number to sort it in the computer system.
但 ERMA 无法按姓名对客户信息进行分类，所以他们必须给每个客户和每个账户一个唯一的编号，以便在计算机系统中进行分类。
The computers weren’t very sophisticated back then.
那时的电脑还不是很先进。
sophisticated：/səˈfɪstɪkeɪtɪd/ adj. 见多识广的，老练的，见过世面的；复杂巧妙的，先进的，精密的；水平高的，在行的；This was the first use of bank account numbers, due to the mainframe.
由于采用了大型主机，这是第一次使用银行账号。
Then, in the mid-80s, we started to look at ways to extend the platform of banking and make it self-service.
80 年代中期，我们开始研究如何扩展银行业务平台，使其成为自助服务。
We had the Internet come along in the 90s, but this really started with the introduction of the ATM machine, self-service banking.
90 年代出现了互联网，但真正的起点是引入 ATM 机和自助银行服务。
come along: 出现：指某人或某物出现或到达。What’s happening is, we’re trying to say, “We’re extending the bank as a platform.”
现在的情况是，我们试图说，"我们正在把银行作为一个平台来扩展”。
But our reliance on the bank as a building, the bank as a place, was becoming less and less important, because now we’re saying you can bank 24/7.
但我们对银行这座建筑的依赖，银行这个地方的依赖的重要性越来越低了，因为现在我们说你可以7*24小时办理银行业务。
reliance：/rɪˈlaɪəns/ n. 依靠，信任
less and less：越来越少And then when Bank 3.0 came along, we extended that analogy to say you could bank anywhere, any time.
然后，当银行 3.0 出现时，我们将这一类比扩展到你可以随时随地进行银行业务。
And this mobile, if you step back from this and say, “Well this was just another channel to extend banking, ” then you don’t understand the implications, because what it was doing was saying: “Banking can be done wherever you are, you don’t need the bank.”
如果你退一步说：“这只是扩展银行业务的另一个渠道”，那你就不明白它的意义，因为它的作用是说： “无论你在哪里都能办理银行业务，你不需要银行。”
implications：/ˌɪmplɪˈkeɪʃ(ə)n/ n. 可能的影响（或作用、结果）；
what it was doing was saying：整句话可以翻译为 “它正在做的事情是在表明……”，“what it was doing”是“正在做的事情”，这里的saying表示 “表明 / 表示”。But what was key was the core utility of the bank, was being surfaced through this technology.
但关键在于，银行的核心功能正通过这项技术浮出水面。
And so, the trust was changing from being about a place you could go where your money was safe, to now, a set of bank platform technologies that would enable you to do banking.
因此，人们对银行的信任正在从你可以去安全存钱的地方，转变为一套银行平台技术，可以让你进行银行业务。
Today, it’s not a bank charter that makes someone trust in you as a bank brand, it’s the utility of your bank.
今天，让人们信任你这个银行品牌的不是银行牌照，而是银行的实用性。
charter：/ˈtʃɑːrtər/ n. 宪章，章程；特许状，许可证；
bank charter：银行牌照If your technology stops working for 10 days, you can’t access internet banking, point-of-sale systems are down, branch systems aren’t working, how much trust do you think people would have in your bank for these 10 days?
如果你的技术停止工作 10 天，你无法访问网上银行，POS系统瘫痪，分行系统无法工作，你认为在这 10 天里人们会对你的银行有多少信任？
point-of-sale：就是我们平时刷卡的POS机的全称。So utility and trust become wrapped up.
于是，实用性和信任度就被捆绑在了一起。
wrapped up：总结，概括；包好，裹紧；这里理解为捆绑到了一起。And technology now becomes the overarching mechanism for delivery of that utility.
而技术现在成为了提供这种效用的总体机制。
overarching：/ˌoʊvərˈɑːrtʃɪŋ/ adj. 首要的，总体；支配一切的；包罗万象的
mechanism：/ˈmekənɪzəm/ n. 机械装置，机件；途径，方法；（生物体内的）机制，构造；But something else changed.
但还有其他一些变化。
We started to see us rethinking the way financial services should work.
我们开始重新思考金融服务的运作方式。
This is Yuebao, the most successful investment or savings product on the planet today, built in China on top of Alibaba’s system to capture those deposits from merchants and consumers working on Alibaba and Taobao, putting that aside and giving them some high-yield interest rate.
这就是余额宝，当今世界上最成功的投资或储蓄产品，它建立在中国阿里巴巴的系统之上，从阿里巴巴和淘宝网上的商家和消费者那里获取存款，并将其搁置起来，为他们提供高收益利率。
deposits：存款
merchants：商家
high-yield：高的，高产的
interest rate：利率We classify this in the West as a money market fund.
在西方，我们将其归类为货币市场基金。
classify：/ˈklæsɪfaɪ/ v. 把……分类，把……分级；
money market fund：货币基金Jack Ma doesn’t see it as that, that’s way they called it Yuebao, “Hidden treasures.”
马云不这么认为，所以他们叫它余额宝，“隐藏的财宝”。
doesn’t see it as：不认为它是…
treasure：/ˈtreʒər/ n. 金银财宝，珠宝，财富；They saw it as a behavioral model for savings.
他们认为这是一种储蓄行为模式。
savings：储蓄$180 billion assets under management, no branches, no humans involved in the sale of that product.
管理着 1800 亿美元的资产，没有分支机构，没有人参与产品销售。
In the past, you may have heard an argument that we need bank branches and face-to-face interaction because how else are we going to engage customers to take deposits or assets?
过去，你可能听过这样一种说法：我们需要银行网点和面对面的互动，因为我们还能如何吸引客户来存款或购买资产？
argument：n. 争论，争吵；论据，理由；辩论，讨论；这里理解为一种说法或论点。
engage：v. 雇用，聘请；参加，从事；吸引，引起；And yet the most successful deposit product in the world today doesn’t involve humans, it’s completely automated.
然而，当今世界上最成功的存款产品并不涉及人类，而是完全自动化的。
And Alipay, Ant Financial, the parent company of Alipay in China, has a higher trust rating in China than most of the banks there.
而支付宝，也就是中国支付宝的母公司蚂蚁金服，在中国的信任度高于大多数银行。
Why? It could be argued that it’s because of utility.
为什么呢？可以说是因为实用性。
It could be argued that: 可以说，可以这样说。是一种常用表达。Now, when you see where we’re going with this, the next generation of technology, as we’re talking about, voice-based artificial intelligence, personal smart assistants built into our home and telephone.
现在，当你看到我们的发展方向时，下一代技术，正如我们正在谈论的，基于语音的人工智能，内置在我们的家庭和电话中的个人智能助理。
Augmented reality smart glasses in a few years that can give you data in your field of view so you can make decisions.
几年后，增强现实智能眼镜可以在你的视野中提供数据，让你做出决策。
field of view：视野：指在不转动头部或移动身体的情况下，一个人可以观察到的区域。These technologies will increasingly embed banking in our world.
这些技术将越来越多地把银行业务融入我们的世界。
embed： v. （使）嵌入， 把……插入；And so, the design of a banking system to fit into this world, requires us to sort of rethink banking from the ground up around utility, not around the products or the channels we’re using.
因此，要设计一个适应这个世界的银行系统，我们就必须从根本上重新思考银行业务的实用性，而不是我们正在使用的产品或渠道。
sort of：表示程度上的某种程度，有点儿。
from the ground up：从头开始，从零开始Now, when you look for evidence of changes into the way economics works and so forth and you look at technology, the way it’s impacted, the biggest changes historically that have taken place in the world have happened with what we call “first principles design thinking.”
现在，当你寻找改变经济运行方式等的证据，并审视技术及其影响方式时，历史上发生在世界上的最大变化都发生在我们所说的 “第一性原理设计思维”中。
economics：经济学
and so forth：等等，等同于and so on或者etc.
historically：adv. 关于历史事件，从历史观点上说；在过去，历史上地That’s when a new piece of technology comes along that’s so different from the way it was done before, that it requires everyone to reset their thinking and change their behavior.
当一项新技术出现时，它与以往的工作方式大相径庭，这就需要每个人重新思考并改变自己的行为。
The automobile was an example of that.
It got rid of all these people working in London and New York who were shoveling the horse dung off the streets, it changed employment patterns, it changed the architecture of cities.
它摆脱了所有在伦敦和纽约工作的人，这些人铲除了街道上的马粪，它改变了就业模式，改变了城市建筑。
got rid of：摆脱，除去：
shovel：/ˈʃʌv(ə)l/ v.（用铲子）铲起，铲去；
dung：/dʌŋ/ n.（动物的）粪，粪肥；It created the middle class in the United States.
the middle class：中产阶级它在美国创造了中产阶级。
The Model T Ford production line is credited with creating the middle class in the United States.
福特Model T车生产线被认为是美国中产阶级的开创者。
be credited wtih：/ˈkredɪtɪd/ 认为…有某种成就All of this from a first principles rethink about transportation.
所有这一切都源于对交通的初步反思。
transportation：n. 运输，运送；交通运输系统；We don’t need a faster horse, we need to rethink the way we get from point A to point B.
我们不需要更快的马，我们需要重新思考从A点到B点的交通方式。
You can think of other examples as well.
你还可以想到其他例子。
A great example of this is the iPhone.
iPhone 就是一个很好的例子。
When Steve Jobs worked on the iPhone and the iPod, you can see this is an example of the prototype that they used for creating the first iPhone and the first iPods.
当史蒂夫-乔布斯开发 iPhone 和 iPod 时，你可以看到这是他们用来制作第一代 iPhone 和第一代 iPod 的原型机。
prototype：/ˈproʊtətaɪp/ n. （新型汽车、机器等的）原型，雏形；Now, Jobs didn’t take the Nokia Banana Phone, or the Motorola flip or the BlackBerry RIM and try and iterate on that, he said, “If we’re going to take a touchscreen device, a mobile phone, internet access, software apps, and combine them into a device, how would that work?”
现在，乔布斯并没有把诺基亚香蕉手机、摩托罗拉翻盖手机或黑莓 RIM 手机作为原型，而是说：”如果我们要把触摸屏设备、移动电话、互联网接入、软件应用程序结合到一个设备中，这将如何运作？“
This is what we call first principles thinking.
这就是我们所说的第一性原理。
Let me give you one other example and then I’ll tie this back to banking.
让我再举一个例子，然后把它与银行业联系起来。
tie ... back to：与…联系起来Let’s talk about the development of technology here in Germany: the V-2 rocket.
让我们来谈谈德国的技术发展：V-2 火箭。
It was an amazing piece of technology, if you step away from what it was used for, it was decades ahead of the rest of the world in terms of technology development.
这是一项了不起的技术，如果不考虑它的用途，就技术发展而言，它领先世界其他国家几十年。
step away from：离开，远离。
decades：n. 数十年（decade 的复数）
ahead of：领先于
in terms of：就……而言；But Wernher von Braun, who was behind this technology, said he wanted to get men to the moon.
但这项技术的幕后推手沃纳-冯-布劳恩说，他想把人类送上月球。
沃纳・冯・布劳恩（Wernher von Braun）是 20 世纪液体燃料火箭技术和宇航工程的开创者和奠基人。So, at the end of the Second World War, the Russians, Americans and the British were rushing into Germany to try and get access to these resources, namely Wernher von Braun.
因此，在第二次世界大战结束时，俄国人、美国人和英国人纷纷涌入德国，试图获得这些资源，也就是沃纳-冯-布劳恩。
rushing into：v. 仓促行动；仓促从事
namely：adv. 即，也就是He went on to build the Apollo program.
他后来建立了阿波罗计划。
Using this technology, he iterated on the V-2, created the Mercury-Redstone rocket, the Apollo rocket, and at the height of this program, the average launch would cost about $1.2 billion in today’s terms, about $6000 to get a kilogram of stuff into orbit.
利用这项技术，他迭代了 V-2 型火箭，创造了 “水星-红石 ”火箭和 “阿波罗 ”火箭，在这一计划的鼎盛时期，平均发射费用以今天的价格计算约为 12 亿美元，将一公斤的东西送入轨道约需 6000 美元。
at the height of：在…的顶峰时期
in today’s terms：用今天的眼光来看，这里指的是如今的汇率来算
kilogram：n. 千克，公斤
orbit：/ˈɔːrbɪt/ n. （环绕地球、太阳等运行的）轨道；Over the last 50 or 60 years, we’ve reduced that by about a third by iterating on the Apollo design.
在过去的五六十年里，我们通过对阿波罗火箭设计的不断改进，将成本降低了大约三分之一。
a third：三分之一Something interesting happened in the last few years: along came Elon Musk and SpaceX, and they said, “What happens if we were going to redesign rockets, if we started from scratch? What if we didn’t take the Wernher von Braun Apollo program design and iterated on this? What if we started from scratch using 3D printing of titanium engine parts? What if we started with new computer models with new systems? If we started from scratch would this make a difference?”
过去几年发生了一件有趣的事：埃隆-马斯克和 SpaceX 公司出现了，他们说："如果我们要重新设计火箭，如果我们从零开始，会发生什么？如果我们不采用沃纳-冯-布劳恩的阿波罗计划设计并在此基础上迭代呢？如果我们使用 3D 打印钛发动机部件，从零开始呢？如果我们使用新的计算机模型和新的系统从头开始呢？如果我们从零开始，这会有什么不同吗？
along came：到达或出现在某个地方，这里指马斯克出现了。
started from scratch：从头开始（固定搭配）
titanium：/taɪˈteɪniəm/ n. [化学] 钛（金属元素）First principles thinking.
这就是第一性原理。
And the result is that in just 14 years, with the reusability on the Falcon Heavy platform, SpaceX has got the cost to orbit down to about $300 per kilogram, a 95% reduction of the days of the Apollo program.
结果是，在短短 14 年时间里，凭借 “猎鹰重型 ”平台的可重复使用性，SpaceX 将进入轨道的成本降至每公斤约 300 美元，比阿波罗计划时期降低了 95%。
Falcon：n. 隼，猎鹰。这个单词本身是猎鹰的意思，但这里Falcon Heavy platform指的是SpaceX的猎鹰重型平台。And they sent Starman into space in a Tesla.
他们还用特斯拉把 “星人 ”送上了太空。
Starman是DC漫画的星光侠。猎鹰重型火箭的首次发射中，作为模拟有效载荷，火箭携带了 SpaceX 创始人埃隆・马斯克的特斯拉 Roadster 红色电动跑车，而在该跑车的驾驶座上有一个名为 “Starman” 的假人。是一种致敬，星光侠是美国奥帕尔市的一位科学家，具有超能力，在漫画中是一个与太空相关的英雄角色。这也契合了此次太空发射行动以及人类对太空探索的追求。So this required rethinking the way rockets worked, reusability, all of these things, were essential components of this.
因此，这需要重新思考火箭的工作方式，可重复使用性，所有这些东西，都是必不可少的组成部分。
So you end up with two competing design themes in terms of how we incorporate technology into the world.
因此，在我们如何将技术融入世界的问题上，最终会出现两个相互竞争的设计主题。
end up with：以……结束
incorporate： v. 包含，合并；You have first principles thinking, which says: we’ve had a major leap in technology, it changes everything.
一种是第一性原理思维，即：我们的技术有了重大飞跃，它改变了一切。
a major leap：重大飞跃Or the other approach: we take technology and gradually improve on it.
或者是另一种方法：我们利用技术并逐步加以改进。
gradually：adv. 逐渐地，逐步地That’s what’s happened in banking today.
今天的银行业就是这样。
We’ve taken technologies like the mainframe, the ATM machine, internet, mobile, and we’ve iterated on the traditional banking model.
我们采用了主机、ATM 机、互联网、移动电话等技术，并对传统银行模式进行了迭代。
Branch banking, investment advisors, we’ve iterated on this.
分行银行、投资顾问，我们都在此基础上进行了迭代。
So, when the iPhone came along, instead of saying, “There’s an opportunity to completely rethink the way financial services fits into people’s lives,” we took the primary artifact, the bank account, and we stuck a representation of that in the phone.
因此，当 iPhone 出现时，我们并没有说 “现在有机会彻底重新思考金融服务融入人们生活的方式”，而是将银行账户这一主要工具植入手机。
completely： adv. 完全地，彻底地
fits into：vt. 适合，适应；符合
artifact：n. 人工制品
stuck：stuck主要有卡住、陷入的意思，这里主要指塞进，也就是植入。
a representation of：…… 的代表；…… 的象征；…… 的表现形式This is what we call Design-by-Analogy.
这就是我们所说的 “类比设计”。
So, these are the two competing design schools.
这就是两种相互竞争的设计流派。
schools：这里指的是学派、流派。不是学校。First principles design, start from scratch or iterate on the existing model by incorporating technology.
第一性原理设计，从零开始，或者在现有模式上结合技术进行迭代。
incorporating：/ɪnˈkɔːrpəreɪtɪŋ/ adj. 合并的Remember, historically speaking, the biggest leaps and the biggest changes in the world have occurred through first principles thinking.
请记住，从历史上看，世界上最大的飞跃和最大的变革都是通过第一性原理思维实现的。
historically speaking：从历史上看，用于引出一段历史背景或历史事件的讲述So how would you think about acquisition of customers in the first-principle world?
那么，在第一性原理的世界里，你会如何考虑获取客户呢？
acquisition：/ˌækwɪˈzɪʃ(ə)n/ n.学得，习得；（金钱、财物等的）获取；这是获取客户的常用单词。Well, we’ll introduce Jack Ma.
好吧，我们来介绍马云。
Hear what he had to say about competing with Walmart.
听听他对与沃尔玛竞争的看法。
It doesn’t matter that he’s talking about the retail business there because he’s used the same strategy in financial services in China today, making him one of the fastest-growing financial services organizations or Ant Financial, one of the fastest in the world.
他所说的零售业务并不重要，因为他今天在中国的金融服务领域也采用了同样的策略，使其成为全球发展最快的金融服务机构之一，即蚂蚁金服。
Hear what he said about competing with Walmart.
听听他是怎么说与沃尔玛竞争的。
He said Alibaba is going to be bigger than Walmart in a couple of years, because of this reason.
他说，因为这个原因，阿里巴巴将在几年内比沃尔玛还要大。
You did a great job in Baba, so I said maybe in 10 years, we’ll be bigger than Walmart.
你在巴巴做得很好，所以我说，也许 10 年后，我们会比沃尔玛还大。
He said, “Young man, you have good hope.”
他说："年轻人，你的希望很大。”
I said, “Let’s make a bet. In 10 years we’ll be bigger than Walmart on sales, because if you want to have 10000 new customers, you have to build a new warehouse and this and that. For me, two servers, two computers.”
我说："我们打个赌吧。10 年后，我们的销售额将超过沃尔玛，因为如果你想拥有 10000 个新客户，你就必须建一个新仓库，建这个建那个。对我来说，两台服务器，两台电脑。
warehouse：n. 仓库，货栈That’s all he says he needs to get 10000 customers, two servers.
他说，要获得 10000 个客户，他只需要两台服务器。
So, in the world that Jack Ma thinks of financial services being embedded in people’s lives, the ultimate, low-friction, financial services engagement means you can execute everything you need to cross-digital channels.
因此，在马云认为金融服务已经嵌入人们生活的世界里，终极的、低摩擦的金融服务参与意味着你可以执行跨数字渠道所需的一切。
ultimate：adj. 最终的，最后的
friction：n. 不和，分歧；摩擦；摩擦力Whereas with banks, we iterate on this, and we say, “Well, we don’t want to sell stuff on the internet because that’s going to cannibalize our existing agency business or our branch-based business, so let’s put some transactional stuff online.”
而对于银行来说，我们会反复斟酌，然后说："好吧，我们不想在互联网上卖东西，因为这会蚕食我们现有的代理业务或分行业务，所以我们还是把一些交易性的东西放到网上吧。”
Whereas：conj.（表示对比）但是，然而；
cannibalize：/ˈkænɪbəlaɪz/ vi. 调拨人员；拆用配件；同类相食。它的名词cannibal是食人者的意思，它的形容词cannibal是食同类的、吃人肉的意思。所以这里就是指蚕食什么。So, when the internet came along, we didn’t sell investment products or bank accounts on the internet, we created internet banking, which was essentially the bank statement online, behind a login.
因此，当互联网出现时，我们并没有在互联网上销售投资产品或银行账户，而是创建了网上银行，本质上就是通过登录在网上提供银行对账单。
bank statement：银行结单，银行对账单。
essentially：adv. 本质上，根本上；大体上，基本上Then mobile came along and we said, “Great, now we can put those bank statements on a smaller screen.”
然后手机出现了，我们说，“太好了，现在我们可以把银行对账单放到更小的屏幕上了”。
This is the iterative thinking.
这就是迭代思维。
So what you have today is, compared with first principles players in this ecosystem, all of the challenger banks of the world and the new behavioral investment platforms and so forth, are all about digital onboarding.
因此，与这一生态系统中的第一性原则参与者相比，如今世界上所有的挑战者银行和新的行为投资平台等都在致力于数字化开户。
onboarding：通常指新员工入职培训；新用户引导流程，顾客引导；但这里指开户。And yet, less than 5% of the banks in the world today offer complete digital onboarding of customers.
然而，目前全球只有不到 5%的银行为客户提供完整的数字化开户服务。
And yet：然而，尽管如此。用于引出一个与前面所说的相反或出乎意料的事实或情况。We’re already starting to see the world diverge around this very simple engagement principle: how you acquire customers in the digital age.
我们已经开始看到，围绕着这一简单的参与原则：如何在数字时代获取客户，世界已经开始出现分歧。
diverge：/daɪˈvɜːrdʒ/ v. 相异，出现分歧；If you’re going to design value stores, you have to understand that technology is going to change the nature of banking itself, and that would have to start with the basic bank account or a value store.
如果要设计价值商店，就必须明白技术将改变银行业务本身的性质，而这必须从基本的银行账户或价值商店开始。
the nature of：…的性质；…的本性In fact, if you think about it, if you break down the value financial service players provide to their customers, extending on what JP was talking about before, we probably only have three core products: we have the ability to store value, we have the ability to move money, and we have the ability to access credit.
事实上，如果你仔细想想，将金融服务公司为客户提供的价值进行细分，根据 JP 之前的论述，我们可能只有三种核心产品：我们有存储价值的能力，我们有转移资金的能力，我们有获取信贷的能力。
break down：分解，拆开，分析或细分They’re the core foundation elements or utility that our products that we give to customers provide.
它们是我们为客户提供的产品的核心基础元素或实用性。
Let’s step back from the technology and think about the change that’s occurring in the value store itself at the heart of banking and financial services.
让我们从技术角度退一步，思考一下作为银行和金融服务核心的价值商店本身正在发生的变化。
If you look historically at the value stores we used to use, they weren’t particularly smart.
如果你回顾一下我们过去使用的价值存储，它们并不是特别智能。
particularly：adv. 非常，尤其They would store our money safely and at the time, that was what the core value proposition, the trust in a bank was for, because your money was safe.
它们会安全地存储我们的钱，而在当时，这正是银行的核心价值主张和信任所在，因为你的钱是安全的。
proposition：n. 主张，观点；But as technology started to come into play, we took those dumb artifacts and we put them inside our technology platform to try and give some bigger utility.
但随着技术的发展，我们把这些笨拙的工具放到了我们的技术平台上，试图让它们发挥更大的作用。
come into play：开始起作用
dumb：adj. 愚蠢的；简易的But they were still dumb, they didn’t provide any feedback.
但它们仍然很笨，没有提供任何反馈。
That basic debit card or credit card you use when you go to visit a store, it doesn’t tell you your balance before and after the transaction.
你去商店购物时使用的基本借记卡或信用卡不会告诉您交易前后的余额。
debit card：借记卡
credit card：信用卡That’s the most requested piece of information you get from customers about their day-to-day bank account.
这是您从客户那里得到的关于其日常银行账户的最多信息。
day-to-day：adj. 日常的；逐日的We had to think about this in a different way.
我们必须换个角度思考这个问题。
When it comes to what we’re seeing in terms of investment today, what’s happening is, you’re not getting people just looking at digital onboarding, you’re seeing from the perspective of investment and savings, looking at behavioral mechanisms behind savings and investing.
说到我们今天所看到的投资，现在的情况是，人们不再仅仅关注数字开户，而是从投资和储蓄的角度，关注储蓄和投资背后的行为机制。
And not saying you need a minimum AUM to qualify as a customer to get into this account, just saying, “Let’s change your behavior so you can save. Let’s change the way you save so you can invest more money.”
并不是说你需要最低资产管理规模才有资格成为这个账户的客户，只是说："让我们改变你的行为，这样你就可以储蓄。让我们改变你的储蓄方式，这样你就能投资更多的钱"。
And not saying：而不是说（常见用法）
AUM：资产管理规模（asset under management）
qualify：v.（使）有权去做；取得资格，达到标准；Because this, over time, builds AUM faster than saying, “Here’s a great product to stick your money in.”
因为随着时间的推移，这比说 “这是个不错的产品，你可以把钱存进去” 更快地积累资产管理规模。
over time：随着时间的过去，它也有加班的意思，但这里就是指时间流逝。
stick … in：放入，这里就是存钱，投进去的意思。So, this is the change, it’s a behavioral framework, around the value store, not a product framework.
所以，这就是改变，是围绕价值存储的行为框架，而不是产品框架。
When you look at how this might evolve, a great illustration of this is happening in China right now with ICBC, with their AI investment platform.
当你看这可能如何发展时，中国工商银行的人工智能投资平台就是一个很好的例子。
evolve：v. 进化，演化；
illustration：/ˌɪləˈstreɪʃ(ə)n/ n. 插图，图解；说明，例释；实例，示例。这里主要是示例的意思。Now what they do is they monitor your behavior in terms of your portfolio, to produce a very detailed risk model.
现在，他们所做的就是监测你在投资组合方面的行为，以生成一个非常详细的风险模型。
portfolio：在这里指的是投资组合。
produce：v. 生产，产生；They’re eliminated the risk profile questionnaire as part of the investment process.
他们取消了作为投资流程一部分的风险状况问卷。
eliminated：/ɪˈlɪmɪneɪtɪd; ɪˈlɪməˌneɪtɪd/ v. 被淘汰；消除；排除
risk profile：风险评估
questionnaire：/ˌkwestʃəˈner/ n. 问卷，调查表Now, from a perspective of a regulator, you might say, “This is a problem, because we need that risk profile questionnaire to understand your risk profile and then understand that you’ve committed to that risk contained in that investment product.”
现在，从监管者的角度来看，你可能会说：“这是个问题，因为我们需要风险评估问卷来了解你的风险状况，然后了解你是否承诺承担该投资产品所包含的风险。“
regulator：n.（某行业的）监管者，监管机构；But that’s iterative thinking.
但这是迭代思维。
First principles design thinking is: well, let’s monitor your behavior and learn how risky you are.
第一性原则设计思维是：好吧，让我们监控你的行为，了解你的风险有多大。
And if that risk is a problem for you, let’s change your behavior over time by educating you, by giving you the right behavioral triggers.
如果这样的风险对你来说是个问题，那就让我们通过教育你、给你正确的行为诱因来改变你的行为。
This is really at the heart of this change around financial services.
这正是金融服务变革的核心所在。
at the heart of：在……的核心；As we get smarter, banking and investment, and these tools are becoming embedded in this world through technologies.
随着我们变得越来越聪明，银行和投资以及这些工具正通过技术嵌入这个世界。
This is leading us to move away from the financial products we used to have to understand that the utility of financial institutions is now serviced not through products through a channel, but through technology experiences that service the utility.
这促使我们摆脱过去的金融产品，认识到金融机构的实用性现在不是通过渠道提供产品，而是通过服务于实用性的技术体验来实现。
move away from：远离
institutions：n. 机构，团体；The core ability to move money, store value or access credit.
核心能力是转移资金、存储价值或获取信贷。
How we adapted to this in the past, is we took those traditional interactions we’d had in the physical space and we implemented electronic forms or electronic systems to mimic the processes we’d had in the branch or with the investment advisor.
过去，我们是如何适应这种情况的？我们采用了实体空间中的传统互动方式，并实施了电子表格或电子系统，以模仿我们在分行或与投资顾问之间的流程。
adapted：v. 适应；调整
mimic：v. 模仿We iterated on this from a technology perspective.
我们从技术角度对此进行了迭代。
Now, I’m going to show you how Capital One did this with Alexa in respect to their credit card product.
现在，我将向大家展示 Capital One 在其信用卡产品中是如何使用 Alexa 的。
in respect to：关于；就……而言
Alexa：Alexa是亚马逊推出的一个智能助理音响，类似于小爱音响。It's not a core product, but it’s a good illustration of iteration.
这不是核心产品，但它很好地说明了迭代的问题。
Voice is the next big technology that’s going to affect financial services.
语音是影响金融服务的下一个重要技术。
This is how one of the first banks in the world attacked the use of Amazon Alexa with voice.
世界上首批使用亚马逊 Alexa 语音技术的银行之一就是这样做的。
The Capital One Skill for Amazon Alexa makes credit card payments easier than ever.
亚马逊 Alexa 的 Capital One Skill 让信用卡支付变得前所未有的简单。
After saying, “Alexa, open Capital One” and speaking your personal key, you can pay your bill using only your voice.
说 “Alexa，打开 Capital One ”并说出你的个人密钥后，你就可以用你的声音支付账单了。
“When’s my payment due?”
“我的付款何时到期？
“The payment of your credit card is due July 9th.”
“您的信用卡付款截止日期是 7 月 9 日"。
“Pay my Capital One credit card bill.”
“支付我的Capital One信用卡账单”
You’ll get the option to pay your balance or a minimum payment.
您可以选择支付余额或最低还款额。
Make your choice and confirm.
做出选择并确认。
A confirmation code will appear on the Capital One Skill card in your Alexa app.
在 Alexa 应用程序中，Capital One Skill 卡上会显示一个确认代码。
Once the payment has been made.
付款完成后
“Confirm.”
确认
“All set, I’ve made the payment for you.”
“一切就绪，我已为您完成支付"。
All set：准备就绪：表示一切都已安排好或准备完毕。The Capital One Skill makes account management as easy as speaking up.
Capital One Skill 让账户管理像说话一样简单。
Just ask Alexa, to find out for yourself.
一问 Alexa，马上知道。
This is not bad for a first attempt at adapting Alexa, but they just took the product they had in the branch, the credit card, and said, “How do we put this on the voice channel?”
这对于首次尝试改编 Alexa 来说还算不错，但他们只是把网点里的信用卡产品拿出来说："我们怎么把它放到语音渠道上？”
Whereas a first principle designer would say, “You don’t need plastic to make a payment, you’ve got your voice, that’s your unique identifier. As long as you can attach the voice to a value store, you don’t need plastic, or a 16-digit number. You can get access to credit, but that can be based on an experiential basis rather than a physical card.”
而一个第一性原则设计师会说："你不需要信用卡来付款，你有你的声音，那是你独一无二的标识符。只要你能把语音附加到一个价值商店，你就不需要实体信用卡，也不需要 16 位数字的号码。你可以获得信贷，但这可以建立在体验的基础上，而不是一张实体卡。
plastic：/ˈplæstɪk/ 信用卡，这里是想强调它是一个实体塑料卡。
As long as：只要That’s first principles thinking versus iterative thinking.
这就是第一性原则思维与迭代思维的对比。
versus：对比，它的缩写是VSWhen you look for evidence of first principles design in the financial services world, you see a lot of it coming out of China and new fintech start-ups around the world.
当你在金融服务领域寻找第一性原理设计的证据时，你会发现中国和世界各地的新金融科技初创企业都有很多这样的设计。
start-ups：创业公司This is, of course, Tencent WeChat.
当然，这就是腾讯微信。
Now, in China, 98% of mobile payments go through two technology platforms, Ant Financial’s Alipay and Tencent WeChat, not through the traditional banks or traditional payments networks.
现在，在中国，98% 的移动支付都是通过蚂蚁金服的支付宝和腾讯微信这两个技术平台进行的，而不是通过传统银行或传统支付网络。
And this has happened in the space of just a few years.
而这一切都发生在短短几年间。
in the space of：在某个时间内，不超过某个时间Last year, $12 trillion in mobile payments, what that means is this year, China’s mobile payments transaction traffic will surpass all of the card traffic of the world.
去年，移动支付交易额达到 12 万亿美元，这意味着今年中国的移动支付交易额将超过全球所有银行卡交易额。
trillion：万亿（生活中不常用，但金融领域挺常用的，所以提出来）
surpass：v. 超过，胜过，优于；
what that means is：这意味着There will be more mobile payments globally done this year than all of the plastic card payments done across traditional means.
今年，全球移动支付的交易量将超过通过传统方式进行的所有实体信用卡支付。
plastic card：这里强调的是实体信用卡。
means：n. 手段，方法；金钱This is a pretty big shift.
这是一个相当大的转变。
But WeChat, they didn’t try to create a credit card or debit card that you signed up for at a branch and you use a traditional point-of-sale network, they just used a simple QR code.
但微信并没有试图创造一种信用卡或借记卡，让用户在网点注册并使用传统的POS机网络，他们只是使用了一个简单的二维码。
First principles thinking around payments.
围绕支付的第一性原理思维。
It wasn’t a payment product, it was enabling the utility of a payment experience.
这不是一个支付产品，而是实现了支付体验的实用性。
When Uber was faced with the challenges of growth in American cities, in cities like New York, San Francisco, Chicago and Los Angeles, they couldn’t recruit drivers fast enough and they found out that 30% of the drivers who started the application process in the app got to a single field in the app and abandoned the driver sign-up process.
当 Uber 在美国城市面临发展挑战时，在纽约、旧金山、芝加哥和洛杉矶等城市，他们招募司机的速度不够快，他们发现有 30% 的司机在应用程序中开始申请流程时，只填写了应用程序中的一个字段，就放弃了司机注册流程。
recruit：v. 招聘，招收
abandon：v. 抛弃，遗弃；That field was the debit card.
这个字段就是借记卡。
Because they had driven yellow taxi cabs and had never had a bank account, they’d been paid in cash.
因为他们开的是黄色出租车，从来没有银行账户，他们的工资都是现金支付的。
yellow taxi cabs：出租车。这里主要是指纽约经典且传统的黄色出租车。顺便说一些历史，在18世纪的英国，贵族往往都雇佣一辆单马双轮轻便车（cabriolet），到了19世纪，人们开始用cabriolet的缩略词cab来代指城中专供出租的大型马车，后来汽车出现了，出租马车就变成了汽车，所以出租车就叫cab了。So, to enable them to grow Uber faster, they had to issue drivers with a bank account.
因此，为了让 Uber 更快地发展，他们必须向司机发放银行账户。
Overnight, Uber became one of the third-largest acquirers of small business bank accounts in the United States.
一夜之间，Uber 成为美国第三大小型企业银行账户收购者之一。
the third-largest：第三大，第几大就把中间那个数字换成几But Uber doesn’t want to be a bank.
但 Uber 并不想成为一家银行。
They needed the utility of the bank built into their app to continue to grow their business.
他们需要在应用程序中内置银行的实用功能，以继续发展业务。
As JP mentioned, I founded Moven in 2011 in the US, and we’ve built essentially this app, this is the latest iteration of our app, as a smart bank account that will advise you on how to be financially healthy.
正如 JP 所提到的，我于 2011 年在美国创立了 Moven 公司，我们将这款应用（这是我们应用的最新迭代版本）打造成了一个智能银行账户，为你提供财务健康方面的建议。
found：v. 建立；创立And that includes investment products, it includes savings behavior, and so forth.
这包括投资产品、储蓄行为等等。
When we introduced our first savings experience in Moven which was in Q4 last year, 40% of our customers immediately deposited funds into the Moven savings “stash” as we call it, our savings account or value store.
去年第四季度，当我们在 Moven 中首次推出储蓄体验时，40% 的客户立即将资金存入了 Moven 储蓄，我们称之为“stash”，它是储蓄账户或价值存储。
But we did zero marketing and we have 0% APR on that savings account.
但我们没有进行任何营销活动，而且该储蓄账户的年利率为 0%。
APR：年利率40% of our customers immediately, overnight, responded to that.
一夜之间，40% 的客户立即对此做出了反应。
We can tell you the best day of the week to prompt people to save.
我们可以告诉你一周中哪天最适合提示人们存钱。
We can tell you the exact time of day that is the best time to message someone to save money.
我们可以告诉你一天中哪个时间段是给别人发送储蓄信息的最佳时间。
Behaviorally, we created a behavioral savings process, not a savings account.
在行为上，我们创建的是一个行为储蓄流程，而不是一个储蓄账户。
The customer doesn’t even need to sign up for a savings account with Moven, we just enabled their savings behavior.
客户甚至不需要在Moven公司注册储蓄账户，我们只需启用他们的储蓄行为。
When you start thinking about utility as it changes, banking becomes highly contextual.
当你开始考虑实用性的变化时，银行业务就会变得高度情景化。
contextual：/kənˈtekstʃuəl/ adj. 上下文的，与语境相关的A great example of this might be credit access for day-to-day banking where I walk into a grocery store and I fill up my cart and I go to the checkout, and then they swipe my card and the cashier says, “I’m sorry Sir, it’s been declined.”
一个很好的例子可能是日常银行业务的信用访问，我走进一家杂货店，把购物车装满，然后去结账，他们刷我的卡，收银员说：“对不起，先生，它被拒绝了”。
grocery store：杂货店Some of your customers may have had this problem.
您的一些客户可能遇到过这种问题。
Then you go fishing for another card.
然后你就去找另一张卡。
fish for：设法获取；探听；摸索寻找“Let me give you this one, try this one.”
“我给你这张，试试这张"。
What about if we didn’t think about that as a product-based process?
如果我们不把这当成一个基于产品的过程呢？
What about if you think: when you walk in the grocery store, if I know you don’t have enough money to do your shopping, I present you with an offer for credit access there and then, to solve that problem?
如果你认为：当你走进杂货店时，如果我知道你没有足够的钱来购物，我会当场向你提供信贷服务，以解决这个问题，你会怎么想？
I don’t wait for you to get to the checkout.
我不会等你去结账。
This is experiential design of this.
这就是体验式设计。
Then we come back to the role of advisors, because when it comes to financial services, we’ve had this view predicated over the last 30 or 40 years that the best way to get the best bang for your buck, in investment terms, is you need to have a human involved, you need to get that advice.
然后我们再来谈谈顾问的作用，因为说到金融服务，在过去的三四十年里，我们一直有这样一种观点：在投资方面，要想获得最佳收益，最好的办法就是让人参与进来，你需要得到建议。
predicate：v. 使基于，使取决于；表明，断言
get the best bang for your buck：是一个常用的英语表达，意思是 “以最少的钱获得最大的价值；物有所值”。bang在这里不是 “砰” 的意思，而是指 “效果、影响力、价值” 等，是一种形象的说法。buck通常指 “美元” 或 “钱”，是一种通俗的货币表达。
in ... terms：在什么方面But technology is also going to change the way we think of advice in financial services.
但技术也将改变我们对金融服务建议的看法。
In fact, probably the most common form of advice our customers will be faced with in the future from financial services is just something as simple as this: Hey Siri, can I afford to go out for dinner tonight?
事实上，未来我们的客户最常遇到的金融服务建议可能就是这样简单： 嘿 Siri，我今晚有钱出去吃晚饭吗？
afford： v. 买得起；有（时间）做某事；承担得起Your bank account should be smart enough to answer that question.
你的银行账户应该有足够的智能来回答这个问题。
And if you’re looking at retirement, how much do I need to save each week to put my son through college?
如果你考虑的是退休后的生活，我每周需要存多少钱才能供儿子上大学？
be looking at：考虑，思考
retirement：退休
put my son through college：供我儿子读大学How much do I need to put away for retirement?
我需要为退休储蓄多少钱？
put away：存钱There are questions a smart bank account should just be able to know, should just be able to answer for you, and artificial intelligence is going to give us that platform.
这些问题，智能银行账户应该能够知道，应该能够为你解答，而人工智能将为我们提供这样的平台。
Let me explain it in this sort of context: we talked about autonomous vehicles, smart-driving cars, so this is what we think of when we think of how an autonomous vehicle drives.
让我在这样的背景下解释一下：我们谈到了自动驾驶汽车、智能驾驶汽车，所以当我们想到自动驾驶汽车是如何驾驶的时候，我们想到的就是这个。
autonomous：/ɔːˈtɑːnəməs/ adj. 自治的，有自治权的；It learns by capturing all of this information using LiDAR, radar detection, camera suites and so forth.
它通过使用激光雷达、雷达探测、相机套件等捕捉所有这些信息来学习。
All of these information captures about 1000 times the content that visually we can see through our eye.
所有这些信息所捕捉到的内容大约是我们通过眼睛所能看到的内容的 1000 倍。
These chips now are so good at processing this that it can process that amount of information in about half the time of our brain, our neocortex, or visual cortex.
现在这些芯片的处理能力非常强，它可以在我们大脑、新皮层或视觉皮层一半的时间内处理如此多的信息。
neocortex：n. 新（大脑）皮质，皮层
cortex：n. 皮层，（尤指）大脑皮层；1000 times the information processed in half the time of a human brain.
用人类大脑一半的时间处理 1000 倍的信息。
Ultimately, when this technology is mature, that’s why no human will be able to keep up with an AI when it comes to driving.
最终，当这项技术成熟时，这就是为什么在驾驶方面，没有人类能赶上人工智能的原因。
mature：adj. 成熟的，理智的；
keep up with：跟上，与他人保持相同的进度或水平，在比赛、竞争等中与他人保持平衡。Same analogy in financial services.
在金融服务领域也是如此。
The more data we have, the better advice we can give you, and no human will be able to process the same amount of data as an artificial intelligence.
我们掌握的数据越多，我们就能为你提供更好的建议，而没有一个人能够像人工智能一样处理同样多的数据。
When we look at this being applied in the robo-space for robo-advising, 2017 was a big year, it was the first year that robo-advisors met the performance of human advisors in terms of portfolio returns.
当我们看到这一点被应用于机器人领域的机器人咨询时，2017 年是一个重要的年份，这是机器人顾问在投资组合回报方面达到人类顾问表现的第一年。
portfolio returns：投资组合回报率The best robo-advisors getting about 11-12% return on the portfolios.
最好的机器人顾问的投资组合回报率约为 11-12%。
So, we’re now starting to see the fact that, in terms of the black box portion of this, that machines are catching up with humans.
因此，我们现在开始发现，在黑箱操作方面，机器正在赶超人类。
portion：n.（某物的）一部分；On the trading side, it’s even worse.
在交易方面，情况更糟。
Goldman Sachs has said one programmer can replace five traders today, by application of technology.
高盛说，通过技术应用，今天一个程序员可以取代五个交易员。
Goldman Sachs：高盛集团This was UBS’ trading floor in Stanford back in the early 2000s in Stanford, Connecticut.
这是 2000 年代初瑞银在康涅狄格州斯坦福的交易大厅。
UBS：瑞士联合银行（United Bank of Switzerland）
trading floor：交易大厅
Connecticut：美国康涅狄格州Today, this is empty, this trading floor, because of the application of artificial intelligence.
如今，由于人工智能的应用，这个交易大厅已经人去楼空。
AI is being introduced into the asset management side, portfolio management, advice and return generation for assets under management.
人工智能正在被引入到资产管理方面，包括投资组合管理、咨询以及为所管理的资产创造回报。
portfolio management：投资组合管理But aren’t AIs all going to be the same?
但人工智能不都是一样的吗？
Let me use these two race cars as an illustration of this.
让我用这两辆赛车来说明这一点。
These are Audi’s test vehicles for their self-driving rig.
这是奥迪为其自动驾驶设备准备的测试车。
rig： 装备、器械；在这里可以理解为 “车辆装置”“设备组合” They’re not self-driving cars you drive on the roads, they’re actually racing cars.
它们不是你在路上开的自动驾驶汽车，实际上是赛车。
Now, there’s two of these vehicles, test vehicles A and test vehicles B.
现在，有两辆这样的车，测试车 A 和测试车 B。
The engineering team nicknamed them AJ and Bobby, A and B, right?
工程团队昵称它们为AJ和Bobby，A和B，对吧？
But Bobby drives faster than AJ.
但Bobby比AJ开得更快
Same car, same platform, same hardware, same firmware, same software, same engineers that drive this, and yet one of these cars drives faster than the other consistently.
同样的车、同样的平台、同样的硬件、同样的固件、同样的软件、同样的工程师驾驶，但其中一辆车始终比另一辆车开得快。
firmware：固件。和hardware、software经常一起出现在IT领域。
consistently：adv. 一贯地，始终；一致地I asked the engineers at Audi when I was doing augmented, “Why is that? Why does one AI drive faster than the other?”
我在做增强现实的时候问过奥迪的工程师："这是为什么？为什么一辆人工智能车开得比另一辆快？”
augmented：增强的，这里指的是增强现实。And the engineer from Audi said, “Hmm, Yeah, we really don’t know.”
奥迪的工程师说："嗯，是的，我们真的不知道。”
I said, “Can you give a guess?”
我说："你能猜猜吗？”
And he said, “Actually, we think we know. One of the engineers, early in the process, because this is a machine-learning platform, maybe he drove more aggressively that day. Maybe he had an argument with his wife or got caught in traffic.”
他说："实际上，我们认为我们知道，其中一位工程师在早期，因为这是一个机器学习平台，也许他那天开车更猛烈了。也许他和妻子吵架了，或者堵车了。”
aggressively：/əˈɡresɪvli/ adv. 好斗地；侵略地；
got caught in traffic：堵车（以后就知道堵车如何表达了）But that set a new baseline for one of the artificial intelligences to learn differently from its compatriot.
但这为其中一个人工智能设定了一个新的基线，让它以不同于同类的方式学习。
compatriot：/kəmˈpeɪtriət/ n. 同胞，同国人；同事，伙伴And this shows us that even in investment, artificial intelligence, one AI will differentiate from another AI in terms of some types of investment platform.
这告诉我们，即使在投资、人工智能领域，在某些类型的投资平台上，一种人工智能也会区别于另一种人工智能。
differentiate：v. 使不同；求……的微分；For now, the advantage lies with advisory firms incorporating artificial intelligence.
就目前而言，拥有人工智能的咨询公司更具优势。
lie with：取决于，在于It’s man with machine versus man without machine.
这是有机器的人与没有机器的人的较量。
But it won’t be long before it’ll be machine versus man.
但用不了多久，就会变成机器与人的较量。
We’ve got probably a three-to-five-year window where we can supplement or augment human advisors with AI.
我们大概有三到五年的时间可以用人工智能来补充或增强人类顾问。
supplement：v. 增加，增补
augment：v. 增加，增大；加强，补充After that, AIs are going to start to separate themselves in terms of capability.
在此之后，人工智能将开始在能力上脱颖而出。
separate themselves：指个体或群体在某种情况下自愿或被迫与其他人或事物分开。When you look at the problem of customer acquisition and relationship and engagement of customers, what becomes clear is one of our biggest problems in financial services is the way we identify customers.
当你审视客户获取、客户关系和客户参与的问题时，就会发现我们在金融服务领域最大的问题之一就是我们识别客户的方式。
KYC: Kill your customers with paperwork.
KYC： 用文书工作扼杀客户。
后续内容请看下篇。
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