Varo Bank, the first all-digital, nationally chartered consumer digital bank in the US, has named Wook Chung as its chief product officer.
In the role, Chung will command the company’s vision and strategy initiatives and will become a key player in Varo Tech. This is Varo’s innovation engine which experiments with product, technology, data and design.
Varo Bank founder and CEO Colin Walsh said, “Our goal is to create industry-leading products that enable our customers to build financial power, prosperity, and live better lives. We are thrilled that Wook shares our passion to provide the best of banking for the benefit of all of us.”
Chung’s previous role was the VP of product, design and engineering at SoFi. In this position, Chung managed in-app and online product experiences, specifically focused on growth, risk and fraud.
He has also held product management roles at tech companies, including Facebook, Twitter, Samsung, Google and Microsoft.
Chung added, “During my early days in Silicon Valley. 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.”
Founded in 2015, Varo Bank is a digital banking platform that aims to transform the modern banking experience.
Last year, the digital bank launched the Zelle service in-app. This service allows customers to safely send and receive money to trusted people. Through this partnership, Varo Bank became the first techbank to offer Zelle in its own app without needing to partner with a bank.
Another recent solution is Varo Believe, a secured card aimed at helping people build credit. Finally, the company launched the Varo Savings Account, which provides one of the highest annual percentage yields in the US, it claims.