Social media as a channel?

During one of my client meetings, we were discussing social media with someone responsible for channels technology. Now this bank works in an diverse set of countries and a varying degree of client profile. Now coming to the question of social media - What do the banks think of Social Media?

Are you happy that you got a fan page of couple of thousands? Are you happy that you have some presence on the facebook/twitter/whateveryougothere?

Will people be open to recommend financial product/services that they are using? My personal experience is that it is common among friends to recommend a bank, cards, financial planner. I haven't seen people doing it on facebook so far. May be this has a future potential.

On a lighter note, someone got to do something before facebook launches its own credit card.