E-commerce platform Shopify has debuted a business checking account and payment installment option for customers, and financial institutions should take note of the opportunity — or threat —industry analysts say.

The Canadian company, which has a market cap of $82.5 billion — almost double the size of PNC Bank — is a platform used by entrepreneurs and SMBs use to bring their products to market, similar to e-Bay, Etsy and Amazon.

Last week, the Ottawa, Ont.-based company announced two new finance-related products slated to launch by yearend: “Shopify Balance,” a checking account for SMBs, and “Shop Pay Installments,” a buy-now, pay-later option that allows customers to split purchases into four equal, interest-free payments.

Shopify’s push into the payments space signals a larger trend among technology giants to build out their financial services ecosystems, according to Zilvinas Bareisis, head of retail banking at Celent, a fintech research firm.

“Some financial institutions will feel threatened and uncomfortable with these developments, however those that are nimble and open to partnerships will find the tech giants increasingly important distribution channels and co-creation partners to reach a targeted community of customers,” Bareisis said. “The days when a bank could interact with its customers exclusively through its own channels are going away.”

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Launched in 2004, Shopify has a wide and deep presence within the SMB community. The company is the 10th-most used platform for financial services by SMBs in the U.S., according to a recent report by 11:FS, which also found that Shopify ranked second behind Stripe for solving the problems SMBs face today. For context, Bank of America and Wells Fargo ranked sixth and 10th in the report, respectively.

“Whilst banks have a large historic market share, it’s clear Shopify has tapped into solving key problems faced by new businesses better than incumbents,” Simon Taylor, an 11:FS analyst, wrote in a LinkedIn blog post.

The company’s large captive merchant base will likely boost user adoption of the new products, according to Ron van Wezel, senior analyst at Aite Group. He noted that providing a comprehensive offering will create customer “stickiness” and generate new income.

Shopify found that roughly 40% of merchants on the platform are currently using their personal bank accounts and cards for business, making it difficult to measure their financial health. “Most of today’s banking products are built from a traditional financial institution’s point of view and designed for large, established businesses,” according to the company’s press release,.

With Shopify Balance, the company seeks to close the gap, and plans to offer merchants cashback rewards and discounts on typical business spending, such as shipping and marketing. Shopify is working with partners to provide the checking account and installments, although it did not disclose specifics.

“The choice for banks is to enable this new world or fight it with similar services,” Taylor said. “Ultimately these deposits all sit at an institution … Understanding this landscape is a giant deposits and lending opportunity for the banks that grasp it.”