Live Oak Bank has chosen Onsetto's SwitchAssist platform to strengthen its business banking growth and deposit activation efforts, the companies announced today. The fintech solution is designed to help financial institutions turn newly opened business accounts into fully engaged primary relationships through structured onboarding and account transition support.
As competition for business deposits intensifies, banks are focusing not only on acquiring new accounts but also on ensuring those accounts become active operating relationships. SwitchAssist aims to close the gap between account opening and activation by providing a structured experience for both customers and bankers.
Through SwitchAssist, Live Oak Bank will guide business customers through critical steps in 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.
“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, account opening is only the first step. The greater challenge is 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 underutilized, 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.
“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 more 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. For more information, visit Onsetto's website.
