As competition for business deposits intensifies, financial institutions are seeking ways to not only acquire new accounts but also to ensure those accounts become fully engaged and profitable. Onsetto, a fintech company specializing in business banking activation, announced on August 5, 2026, that Live Oak Bank has chosen its SwitchAssist platform to enhance the transition and activation experience for business customers.
SwitchAssist provides a structured onboarding process that guides customers through the critical steps of moving their banking relationship. This includes updating payment instructions, transitioning recurring transactions, notifying vendors and customers, activating treasury and payment services, and establishing new operating workflows. By facilitating a smooth transition, the platform helps banks close the gap between account opening and full activation, which is essential for deposit growth and customer retention.
"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."
The challenge for many banks is not just opening new accounts but moving the customer's actual 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 was built to address this challenge by providing the "growth infrastructure" needed to operationalize business account activation.
"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.
Live Oak Bank, known for its focus on small business lending, will leverage SwitchAssist to strengthen its business banking growth strategy. This partnership underscores the growing importance of activation in the competitive landscape of business banking. As banks vie for deposits, ensuring that new accounts become fully operational is critical to maximizing customer lifetime value and reducing churn.
