Masthaven Bank has won the CFI Most Innovative Digital Retail Bank UK 2018 award.
The specialist lender bank gained its retail banking license in 2016.
It secured the CFI award based on its market-leading position amongst a second wave of disruptor banks seeking to challenge established conventions by putting its customers in charge.
The judging panel acknowledged the bank’s processes and direct customer communication, and also noted Masthaven’s redefinition of the online-only banking sphere.
Masthaven was also applauded for its comprehensive range of streamlined products alongside the way in which it refrains from deploying complex algorithms and credit scoring systems on customers.
Jon Hall, Managing Director at Masthaven, said: “Receiving recognition like this is reflective of the work we’ve done since gaining our banking license just two years ago.
“The findings from the judging panel have really captured the essence of what we do at Masthaven – we are a bank with a new way of thinking – one that embraces technology with a human touch whilst understanding that individuals need flexible finances.
“We are thoroughly delighted to have received such a highly sought-after award and will strive to continue our work as we build upon the growth we have seen since our inception to the retail banking sector.”
