As competition for business deposits intensifies, financial institutions are realizing that acquiring new accounts is only the first step. The real challenge lies in activating those accounts—ensuring that customers move their operating activity, deposits, and payments to the new bank. Onsetto, a fintech company specializing in business banking activation, announced today that Live Oak Bank has selected 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 a banking relationship, including updating payment instructions, transitioning recurring transactions, notifying vendors and customers, activating treasury and payment services, and establishing new operating workflows. For Live Oak Bank, this means a more streamlined onboarding process that reduces friction and accelerates the time it takes for customers to realize value from their new banking relationship.
“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, Live Oak’s Chief Banking Officer. “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.”
The announcement highlights a broader industry trend: banks are under pressure to grow business deposits and deepen relationships, yet many still rely on manual processes to help customers transition after account opening. Without a structured activation process, new accounts may remain underutilized, deposits may stay elsewhere, and attrition risk increases. Onsetto aims to solve this problem by providing the “growth infrastructure” needed to operationalize business account activation.
“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.”
The SwitchAssist platform combines customer-facing workflows, banker enablement tools, progress visibility, and activation best practices to create a consistent and scalable transition experience. For banks, this supports deposit growth, treasury services adoption, customer engagement, operational efficiency, and long-term relationship value.
Live Oak Bank, known for its focus on small business lending, is now leveraging Onsetto to strengthen its business banking growth strategy. With 21 financial institutions currently live on the platform, Onsetto continues to help banks and credit unions move beyond acquisition and build repeatable processes for activation. This partnership underscores the critical role that structured onboarding plays in converting new accounts into valuable, primary relationships—a key driver of deposit growth and customer retention in today’s competitive landscape.
