Researching bank efficiency factors is very challenging. Bearing that in mind, this paper analyzes the financial performance and efficiency of banks in Serbia based on the fuzzy LMAW-MARCOS method. The obtained empirical results show that the top five banks are, in order: Banca Intesa, OTP Banka Srbija, Komercijalna banka, Mobi Banka and NLB banka. Badly positioned banks include, in order: MIRABANK, API banka, Srpska banka, 3 BANKA and Addiko Bank. Among other things, the efficiency of banks in Serbia was significantly affected by the Covid-19 pandemic. In order to improve the financial performance and efficiency of banks in Serbia in the future, it is necessary to manage resources (human capital, assets and capital), sales of banking products and profits as efficiently as possible. The digitization of the entire banking business also plays a significant role in this.