At a time when banks are becoming more cautious about lending to small and medium-sized businesses, opportunities are emerging for non-banks to offer banking services to these customers. Accountancy software suppliers have begun leveraging their customer data to offer financial products and payment services to their portfolio, thereby competing with traditional retail banks. Indeed, ’embedded finance’ is disrupting the banking industry and forcing traditional banks to adapt and innovate to remain competitive. However, whether this development will really take off depends on many factors, touched upon in this podcast.