As competition for business deposits intensifies, banks are increasingly recognizing that acquiring new accounts is only half the battle. The real challenge lies in activating those accounts, ensuring they become primary operating relationships where deposits, payments, and treasury services flow through. Onsetto, a fintech company specializing in commercial banking activation, announced that Live Oak Bank has selected its SwitchAssist platform to address this critical need.
SwitchAssist is designed to bridge the gap between account opening and full activation. It provides a structured experience for both business customers and bankers, guiding them through essential steps such as updating payment instructions, transitioning recurring transactions, notifying vendors and customers, activating treasury and payment services, and establishing new operating workflows. By streamlining these processes, the platform aims to reduce friction, accelerate activation, and help customers realize value from their banking relationship more quickly.
Mark Moroz, Chief Banking Officer at Live Oak Bank, emphasized the importance of this partnership: "At Live Oak Bank, we are committed to helping business owners succeed with banking experiences that are simpler, easier, faster, and more efficient. 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 need for such a solution is clear. Many banks open business accounts but fail to help customers move their real financial activity—deposits, payroll, vendor relationships, and treasury services—to the new institution. Without a structured activation process, new accounts may remain underutilized, deposits may stay with competitors, and customer attrition risk increases. Onsetto's platform addresses this by providing the growth infrastructure necessary to operationalize business account activation, support banker follow-up, and convert newly acquired accounts into deeper, more valuable commercial relationships.
Cale Johnston, Founder and CEO of Onsetto, explained the broader industry context: "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. 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, this translates into improved deposit growth, higher adoption of treasury services, enhanced customer engagement, operational efficiency, and long-term relationship value. With 21 financial institutions currently live on the platform, Onsetto is helping banks and credit unions move beyond account acquisition and build repeatable processes for business banking activation.
For Live Oak Bank, a leading financial institution dedicated to serving business owners, this partnership marks a strategic step toward strengthening its business banking growth and deposit activation efforts. By leveraging Onsetto's expertise, the bank aims to ensure that its business customers not only open accounts but also fully embrace the bank as their primary financial partner.
