In an era of intensifying competition for business deposits, banks are realizing that acquiring new accounts is only half the battle. The real challenge lies in activating those accounts—ensuring that customers move their operating activity, deposits, and payment flows to the new institution. Onsetto, a fintech company specializing in business banking activation, announced today that Live Oak Bank has selected its SwitchAssist platform to enhance the transition experience for business customers.
SwitchAssist is designed to bridge the gap between account opening and full activation by providing a structured framework for both customers and bankers. The platform guides 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. For banks, it offers tools to track progress, support banker follow-up, and scale best practices across the organization.
“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.”
Without a structured activation process, new business accounts often remain underutilized. Deposits may stay in legacy institutions, attrition risk rises, and the potential for cross-selling treasury services is lost. Onsetto’s platform addresses this by turning activation into a repeatable, operational process.
“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 is helping banks and credit unions move beyond acquisition-focused strategies. The company’s platform combines customer-facing workflows, banker enablement tools, and activation best practices to drive deposit growth, treasury services adoption, and long-term relationship value.
For Live Oak Bank, known for its focus on small business lending, integrating SwitchAssist signals a strategic push to deepen customer relationships. By easing the transition process, the bank aims to become the primary financial partner for its business clients, a move that could enhance customer retention and expand revenue opportunities.
The announcement comes as the banking industry grapples with rising deposit costs and a competitive landscape. Financial institutions that can effectively activate new accounts are better positioned to grow low-cost deposits and increase wallet share. Onsetto’s technology offers a solution that addresses the operational complexities of account switching, potentially setting a new standard for business banking onboarding.
As more banks seek to differentiate through customer experience, partnerships like this are likely to become more common. The focus is shifting from simply opening accounts to creating a seamless, guided path to full adoption. For Live Oak Bank, this move could prove pivotal in its efforts to support business owners and strengthen its deposit base.
Onsetto, founded by the team behind ClickSWITCH, continues to expand its footprint in the commercial banking space. Its platform aims to modernize how banks approach relationship growth, turning a historically manual process into a scalable, data-driven operation. With Live Oak Bank on board, Onsetto’s impact on the industry is set to grow.
