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, ensuring they become the primary operating relationship for the customer. Onsetto, a fintech company specializing in business banking activation, has announced that Live Oak Bank will implement its SwitchAssist platform to enhance the transition and activation experience for business customers.
SwitchAssist is designed to bridge the gap between account opening and full activation. It 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. For Live Oak Bank, this means a more seamless experience for business owners, reducing friction and accelerating the time to value.
“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 importance of activation cannot be overstated. Without a structured process, new accounts may remain underutilized, with deposits and financial activity staying at the previous institution. This not only limits deposit growth but also increases attrition risk. Onsetto was founded to address this challenge, offering what it calls the “growth infrastructure” needed to operationalize account activation and convert acquisitions into deeper, more valuable 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 signals a broader industry trend: the focus is shifting from mere account opening to ensuring those accounts become active, primary relationships that drive sustainable growth.
