Live Oak Bank has selected Onsetto's SwitchAssist platform to enhance how business customers transition and activate their banking relationships, the fintech company announced today. The move underscores a broader industry shift: as competition for business deposits intensifies, banks are focusing not just on acquiring new accounts but on ensuring those accounts become fully engaged, primary operating relationships.
SwitchAssist provides a structured activation experience that 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. This approach helps close the gap between account opening and account activation, a challenge many banks face.
“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.”
For many financial institutions, business account opening is only the first step. The greater challenge is moving customers' 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 attrition risk increases.
Onsetto's SwitchAssist combines customer-facing workflows, banker enablement tools, progress visibility, and activation best practices to create a consistent, scalable transition experience. The platform supports deposit growth, treasury services adoption, customer engagement, operational efficiency, and long-term relationship value.
“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 continues to help banks and credit unions move beyond acquisition and build repeatable processes for business banking activation. The company, founded by the team behind ClickSWITCH, positions itself as the Commercial Banking Operating Platform, helping financial institutions identify, activate, expand, and retain primary commercial relationships.
This partnership reflects a growing recognition that activation is critical to deposit growth. By providing a structured onboarding experience, banks can reduce friction, accelerate time-to-value, and deepen customer loyalty—factors that are increasingly essential in a competitive deposit landscape.
