FinTech News

Varo Bank Brings On Wook Chung as Chief Product Officer

A FinTech neobank is gearing up for even greater expansion by bringing some new talent on board. Last week, Varo Bank announced that it had appointed Wook Chung as its Chief Product Officer. According to the company, Chung will lead the bank’s vision and initiatives. He will also serve as a key figure of Varo Tech, which looks to blend data, technology, and design. Chung replaces Jon Alferness, who joined Varo in February 2022 but left in November to become EVP and chief product officer for Walmart U.S.

Prior to Varo, Chung was most recently the VP of Product, Design & Engineering at fellow FinTech-turned-bank SoFi. There, he managed product experiences with a focus on growth, risk, and fraud. Chung also previously worked for Facebook, Twitter, Google, and other major tech firms.

The hiring of Chung comes as Varo has continued to update its product and offerings since gaining a national bank charter in 2020. Most recently, the company added Zelle to its app, allowing customers to easily send and receive payments from customers at other banks. Other notable roll-outs include the introduction of the bank’s Believe secured card and its Varo Advance service. Additionally, with interest rates rising, Varo now allows customers to earn 5% APY on savings balances up to $5,000. To earn this rate, they’ll need to receive monthly direct deposits totaling $1,000 or more. Those who don’t meet this requirement still earn a current rate of 3% APY.

Announcing Chung’s appointment, 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.”

Commenting on his new role, Chung stated, “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.”

Following a busy 2022, it looks as though Varo intends to continue its streak in 2023. Given Chung’s previous experience in the world of FinTech, it’s clear that he understands what users want and expect from a modern banking app. With him on board, it will be interesting to see what updates Varo makes to its interface, features, and more in the coming months.

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