As competition for business deposits intensifies, financial institutions are recognizing that acquiring new accounts is only half the battle; the real challenge lies in activating those accounts into primary operating relationships. Onsetto, a fintech company specializing in business banking growth, announced today that Live Oak Bank has chosen its SwitchAssist platform to enhance the transition and activation experience for business customers.
SwitchAssist provides a structured framework that guides customers through the critical steps of moving their banking relationship, including updating payment instructions, transitioning recurring transactions, notifying vendors and customers, activating treasury and payment services, and establishing new operating workflows. This approach helps close the gap between account opening and full activation, ensuring that new accounts become fully engaged and valuable.
“At Live Oak Bank, we are committed to helping business owners succeed with banking experiences that are simpler, easier, faster, and more efficient,” said Mark Moroz, Chief Banking Officer at Live Oak Bank. “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, the absence of a structured activation process can lead to underutilized accounts, deposits remaining elsewhere, and increased customer attrition. Onsetto was built to address this challenge by providing the growth infrastructure banks need to operationalize business account activation, support banker follow-up, and convert newly acquired accounts into deeper, more valuable commercial relationships.
“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.”
SwitchAssist combines customer-facing workflows, banker enablement tools, progress visibility, and activation best practices to create a consistent and scalable transition experience. For banks, the platform supports deposit growth, treasury services adoption, customer engagement, operational efficiency, and long-term relationship value.
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. This partnership with Live Oak Bank underscores the growing recognition that activation is essential for driving deposit growth and strengthening customer relationships in the competitive business banking landscape.
