SAN JOSE, Calif. – Kim Vu says one of her passions is giving back, especially to young girls who may think their economic background, gender or race is a barrier to the abundance of opportunities waiting for them.
Vu, 27, assistant vice president of private banking at $1 billion Technology Credit Union, was recently recognized for her passion by the Silicon Valley/San Jose Business Journal as one of several Silicon Valley Women of Distinction. The awards honor those women who have garnered achievements in their industry, demonstrated leadership in the community and commitment to mentoring women. Vu was one of four women and the only credit union representative chosen from the banking/finance sector.
"I believe in the power of education and what it can do to change women's lives," Vu said. "People don't become leaders overnight-they have to learn how to lead, and they need role models to follow. My work at Tech CU enables me to be that role model for young women, and it gives me the ability to influence change. That's a great combination."
Vu is a founding board member of the Capital Club's Young Executives Board, where she works to develop membership for a network of young executives in Silicon Valley. She also serves on the Capital Club's Board of Governors. In addition to her professional work, Vu volunteers her time and energy to numerous civic, business and community organizations, including the National Association of Women Business Owners, Junior League of San Jose and the Federation of Vietnamese Americans of Northern California, where she acts as the spokeswoman and media relations liaison. Above all else, Vu said her passion is in working with her favorite organization, Girls for Change, a nonprofit that supports urban, middle and high school girls to become social change makers and innovators by empowering them to design, lead, fund and implement projects that tackle the problems they face in their neighborhoods.
"Becoming an honoree among so many spectacular women in Silicon Valley is no small task, but Kim is a very unique individual," said Ken Burns, president/CEO of Tech CU. "She's dedicated to achieving the very best in her professional life and committed to making a difference in this community, and we're proud to have her as part of our team."
As one of the youngest Asian American women executives in Silicon Valley, Vu brings a fresh perspective and tireless work ethic to her professional and community endeavors, and in the process, is changing how credit unions do business and how young women think about themselves and what they can achieve, the publication said.
Back at Tech CU, Vu helped launch and build one of the first and most successful private banking divisions of any credit union in the country. In just four years, Vu's leadership helped grow the division from zero to $400 million in managed assets for more than 1,500 members. In fact, the private banking program at Tech CU has been so successful, it now serves as model for others in the industry, according to the credit union.
Traditionally, private banking divisions can be found at larger banks, but Tech CU has always prided itself on being an innovator when it comes to catering to its members, Vu said. The idea for the credit union's private banking division was to retain its most loyal members who have kept all of their deposits and loans there over the years.
Each member is assigned their own private banking manager. Some of the perks members enjoy are estate planning and trust services at discounted rates, free tax planning and preparation, loan rate discounts, priority processing on all loans, and a preferred rate membership to the Silicon Valley Capital Club, which helps facilitate an array of non-financial needs such as theater tickets and other concierge-type services.
To take advantage of Tech CU's private banking services, members must have at least $100,000 in investable assets but "since that's such a huge pool," to choose from, the credit union works on an invitation-only basis, Vu said. That asset threshold is nowhere near what some banks require of its customers to participate in private banking.
"We do have high net worth and ultra net worth members between $1 million and $10 million," Vu said. "If they walked into a general bank, they probably would not receive the type of services we offer."
Most of Tech CU's private banking clients are Silicon Valley entrepreneurs or upper-level managers, Vu said. They tend to be married, have children, "are really busy and need an extra hand." -msamaad@cutimes.com
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