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 last Friday.
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, providing an online marketplace for customers to buy, sell and compare third-party products and services.
Nick Riegger, CEO at Efficient Scale said: “The progress that we’ve made since starting as a subsidiary of Fidor in 2018 indicates the appetite there is for data-driven partner marketing in financial services. So far we’ve seen a considerable 10% of Fidor’s customer base sign up to Efficient Scale in just six months; a huge validation of the need to create marketplaces that tailor to every individual’s preferences."
Celent’s annual Model Bank Awards recognize the best practices of technology usage in different areas critical to success in banking. It judges judges submissions on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence.
"The progress that weve made since starting as a subsidiary of Fidor in 2018 indicates the appetite there is for data-driven partner marketing in financial services. So far weve seen a considerable"
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