Why do the new Boeing 737 Max aircraft have scalloped edges on their nacelles?

I flew back from holiday at the weekend on one of the latest Boeing 737 Max 8-200 aircraft in the Ryanair fleet and was geeking out at it's beautiful new wing tips (much to the amusement/annoyance of other passengers in the departure lounge Blush). However, I'm interested in its new spangly nacelle design with a scalloped rear edge. 

Can any of our #Aerospace engineers let me know what the significance of it is? Is it just a pretty design element or does it have an effect on the aircraft's performance and if so, how? 

For those who'd like to geek out too, here's a couple of photos I took of the aircraft and the nacelles Slight smile

boeing 737 max 8 200 aircraft on the apron at salvaza airport in france

Boeing 737 Max 8 200 aircraft showing new scalloped nacelle design

Any info would be great so I can sound really knowledgeable on my next flight on one. Wink Joy