As competition for business deposits intensifies, banks are increasingly recognizing that acquiring new accounts is only the first step. The real challenge lies in activating those accounts to become primary operating relationships. Onsetto, a fintech company specializing in business banking growth, has announced that Live Oak Bank will implement its SwitchAssist platform to enhance the customer transition and activation experience.
SwitchAssist provides a structured activation framework that guides business 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 addressing these steps, the platform helps close the gap between account opening and full engagement.
Mark Moroz, Live Oak Bank's Chief Banking Officer, emphasized the importance of this approach: "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 solutions is evident. Without a structured activation process, new business accounts may remain underutilized, deposits may stay with previous institutions, and attrition risk increases. Onsetto's platform equips banks with the tools to operationalize activation, support banker follow-up, and convert new accounts into deeper commercial relationships.
Cale Johnston, Founder and CEO of Onsetto, explained, "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, 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 acquisition and build repeatable processes for business banking activation.
