The FSC and the FSS held the 4th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on March 22, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed the recent progress and future plan for online deposit product brokerage service which is aimed at enhancing consumer convenience and boosting competition in the banking sector as well as ways to boost the competitiveness of internet-only banks. With regard to online deposit product brokerage service, FSC Vice Chairman Kim So-young talked about the importance of participation by many financial institutions other than banks such as savings banks and mutual finance companies in order for it to work as a catalyst for promoting competition in the financial industry. On internet-only banks, Vice Chairman Kim said that they need to actively seek ways to provide high-quality services at low costs.