Varo Bank Announces New CPO Appointment

​Varo Bank, a US-based financial institution, has announced the appointment of Wook Chung as its new chief product officer (CPO), effective immediately. In his new capacity, Chung will be responsible for spearheading Varo's product development and strategy initiatives, as well as overseeing Varo Tech, the company's innovation engine that integrates product, technology, data, and design.

With over twenty years of experience in the tech industry, Chung has held numerous high-level positions at renowned companies such as Samsung, Microsoft, Twitter, Facebook, and Google. Prior to joining Varo Bank, Chung served as SoFi's vice president of product, design, and engineering, where he oversaw the development of in-app and online product experiences while focusing on growth, risk, and fraud.

In his new role, Chung plans to continue to create, implement, and scale offerings that help consumers build financial resilience and prosperity. His appointment follows Fazzaco's report of the bank's decision to cut 75 positions in July 2022 to reduce costs in response to worsening economic conditions​.

Varo Bank's decision to appoint Chung signals its commitment to enhancing its product offerings and driving innovation. The company is optimistic that Chung's extensive experience and expertise will help it realize its strategic goals and maintain its position as a leading financial institution in the US.