Mr Chapman acknowledged however that it was early days and the bank didn't have many Twitter followers yet. In fact at time of writing the bank had 48 tweets to its name and 213 followers, but wasn't following anyone.
Mr Chapman summed up the sentiment of most bank executives at the conference by noting; 'It's important to our customers so we want to be there.'
What to do when you are there remains the challenge for banks.
As BankWest chief information officer Andy Weir noted; 'Whilst traction is being generated, no-one has cracked how they can leverage social networks.' Nevertheless he believes it is a question of 'when rather than if.'
Mr Weir added that 'One reason why financial services are struggling a little bit is that customers want security, comfort and confidence. But they want us to innovate and that is the paradox.'
UBank has just over 3000 followers on Twitter, and is following a similar number. It also seems to have worked out how to use the network as more than an online corkboard, which has been St George's approach to date, by interacting with followers and keeping a close eye on sentiment.
Taking the next step may be more of a challenge. As Westpac's Randy Fennel, general manager of engineering and sustainability, technology noted; 'Using social media for awareness is one thing - for advice another.'
According to Aman Narain, the group head of remote banking for Standard Chartered Bank; 'Traditionally people went to branches to get their advice. Now people go to the internet and social media.
'The challenge for banks is to get the balance right. We have to manage confidentiality.'
But he believed that there was a real risk for banks which did not experiment with social networks, and keep a close eye on the sentiments raised there. He said that already in Asia regulators were monitoring social networks, and had in some cases taken action based on commentary which had appeared in posts.