SME Finance Forum member Fidor has been recognised by Celent as a winner of a “Model Bank of the Year” for its novel marketplace, Efficient Scale. The award was presented at a formal awards ceremony during the annual Innovation and Insight Day in New York.

Celent, the global research and advisory firm for the financial services industry, was tasked with recognising nominations across 22 different initiatives at this year’s awards. Efficient Scale was awarded as the outstanding ‘Marketplace Banking Award’ initiative of the year for demonstrating its clear business benefits, innovation and implementation excellence.

Fidor launched Efficient Scale in late 2018 as a response to the growing influence of marketplace banking within retail financial services, by providing an online marketplace for Fidor Bank and its community to buy, sell and compare third-party products and services. It combines the approach of a flexible operating platform with that of a modular aggregator approach, providing a one-stop shop for a holistic financial experience across insurance, finance, trading, mobile and many other convenient products and services.