Live Oak Bank has selected Onsetto's SwitchAssist platform to enhance the way business customers transition and activate their banking relationships, according to a recent announcement. The move reflects a broader industry trend as competition for business deposits intensifies, with banks increasingly focused on ensuring new accounts become fully engaged, primary operating relationships rather than remaining underutilized.
Onsetto, a fintech company helping financial institutions grow business deposits, offers SwitchAssist as a structured activation experience for business customers and bankers. The platform bridges the gap between account opening and activation by guiding customers through critical steps such as updating payment instructions, transitioning recurring transactions, notifying vendors and customers, activating treasury and payment services, and establishing new operating workflows.
“At Live Oak Bank, we are committed to helping business owners succeed with banking experiences that are simpler, easier, faster, and more efficient,” said Live Oak’s Chief Banking Officer Mark Moroz. “SwitchAssist provides a structured approach that helps reduce friction, improve onboarding, and accelerate activation so customers can realize value from their banking relationship more quickly.”
For many banks, business account opening is only the first step. The greater challenge lies in helping customers move their real financial activity—deposits, payments, payroll, treasury services, and vendor relationships—to the new institution. Without a structured activation process, new accounts may remain dormant, deposits may stay elsewhere, and customer attrition risk can increase.
Onsetto was built to address this challenge. SwitchAssist provides the growth infrastructure banks need to operationalize business account activation, reduce customer friction, support banker follow-up, and convert newly acquired accounts into deeper, more valuable commercial relationships. The platform combines customer-facing workflows, banker enablement tools, progress visibility, and activation best practices to create a consistent and scalable transition experience.
“Banks are under pressure to grow business deposits, deepen relationships, and reduce attrition, but many still rely on manual processes to help customers transition after account opening,” said Cale Johnston, Founder and CEO of Onsetto. “SwitchAssist gives financial institutions a structured activation framework that helps business customers move their operating activity and establish the bank as their primary financial partner. Live Oak Bank’s selection of Onsetto reinforces the importance of activation as a core part of business banking growth.”
With 21 financial institutions currently live on the platform, Onsetto continues to help banks and credit unions move beyond account acquisition and build repeatable processes for business banking activation. The platform supports deposit growth, treasury services adoption, customer engagement, operational efficiency, and long-term relationship value.
The partnership signals a growing recognition among banks that activation is a critical component of business banking growth. By leveraging structured onboarding and account transition support, institutions like Live Oak Bank can better compete for deposits and strengthen customer loyalty in an increasingly competitive market.
