Financial institutions see Facebook, LinkedIn, YouTube, blogging as a kind of encroaching threat. They worry about privacy issues, wasted work time, too much free-wheeling interaction with customers in a highly regulated industry. Further, the information technology people at these banks have closed access to those social media sites on company computers. Vincent Michal Valvo, Group Publisher & Editor-in-Chief of The Commercial Record, says that kind of thinking and those kinds of practices have got to go by the wayside if banks are going to avoid missing out on great and affordable way to reach customers where they are—on their iPhones, Blackberries and personal computers. Those institutions that don’t embrace social media will be left behind or left with a clientele that is predominantly older people.