Varo Bank, N.A., the first all-digital, nationally chartered consumer techbank in the U.S., announced the appointment of Wook Chung as Chief Product Officer.
Chung joins the bank at an exciting period of innovation, as it capitalizes on its bank charter, enabling agile product design that provides technology-first solutions to meet customers' most important banking and money management needs. The techbank, founded in 2015, combines the capabilities and nimbleness of a technology company with the security and oversight of a regulated financial institution.
In his new role, Chung will spearhead Varo's product vision and strategy initiatives and will be a key leader in Varo Tech, the innovation engine of the company which brings together product, technology, data and design.
"Our goal is to create industry-leading products that enable our customers to build financial power, prosperity, and live better lives." said Colin Walsh, Varo Bank founder and CEO. "We are thrilled that Wook shares our passion to provide the best of banking for the benefit of all of us."
Most recently as VP of Product, Design & Engineering at SoFi, Chung managed in-app and online product experiences, specifically focused on growth, risk, and fraud. Prior to SoFi, he held product management roles at notable tech companies including Facebook, Twitter, Samsung, Google, and Microsoft.
In 2022, Varo made significant strides to enhance its product suite, adding Zelle®1 in-app this past November, enabling customers to safely send and receive money between people they know and trust. Other offerings include Varo Believe2, a secured card designed to help build credit, and Varo Savings Account, which provides one of the highest Annual Percentage Yields (APYs) in the U.S.3
"During my early days in Silicon Valley," said Chung "I dreamt of creating financial products that help consumers make informed and smart decisions about their money. I'm humbled to join Varo's talented product team to continue to create, implement, and scale crucial offerings that allow consumers to build financial resilience and prosperity."
Disclosures
Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Varo Believe is a secured credit card designed to help you build credit.; however a variety of factors impact your credit and not all factors are equally weighted. Building credit may take time. Varo Believe may be able to help when you consistently make on-time payments.
According to The Ascent's review of Varo Savings Account.