Are Philippine Banks Shy to Engage in Social Networks?

A Yahoo! Philippine news about banks here in the Philippines catches my attention  after I logged out of my Yahoo! mail this week. This is about local banks who refuses to use social networks as a marketing medium. If you are interested to know more about the news, go here. Quoting from the news:

“Based on feedback, [banks] are still trying to get a feel on how to go into social media sites,” said Allan Tumbaga, president of the Bank Marketers Association of the Philippines (BMAP).

Tumbaga said local banks may be slow in adopting their own social media strategies, but industry players are aware of the potential of social media as a way of reaching clients.

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I also read that one of the reason why banks are very slow to test the effectiveness of social networking is because of security and more people can be victims of scammers by phishing credit card numbers or passwords. But in my opinion, phishing are old tricks already and have been done since the early days of internet before social networking sites like facebook became popular.

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But on the contrary, I’ve seen some local banks already using facebook and have fan pages. Those banks are Union Bank, BPI, Metro Bank and BDO. They seem quite legitimate but just to be sure, ask the those banks if they really have fan pages because it is easy for an ordinary internet user to make a fake facebook fan pages.