Live Oak Bank Selects Onsetto to Strengthen Business Banking Growth and Deposit Activation

As competition for business deposits intensifies, banks are increasingly focused on ensuring that new accounts become fully engaged, primary operating relationships. Onsetto, a fintech company helping financial institutions grow business deposits and activate primary business banking relationships, today announced that Live Oak Bank has selected its SwitchAssist platform to enhance the way business customers transition and activate their banking relationships.

SwitchAssist helps financial institutions close the gap between account opening and account activation by providing a structured activation experience for business customers and bankers. Through SwitchAssist, Live Oak Bank will be able to guide business customers through the critical steps involved in moving a banking relationship, including updating payment instructions, transitioning recurring transactions, notifying vendors and customers, activating treasury and payment services, and establishing new operating workflows.

“At Live Oak Bank, we are committed to helping business owners succeed with banking experiences that are simpler, easier, faster, and more efficient,” said Live Oak’s Chief Banking Officer Mark Moroz. “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 banks, business account opening is only the first step. The greater challenge is helping customers move their 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 customer attrition risk can increase. Onsetto was built to help banks solve this challenge. SwitchAssist provides the growth infrastructure banks need to operationalize business account activation, reduce customer friction, support banker follow-up, and convert newly acquired accounts into deeper, more valuable commercial relationships.

“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 more 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.

This partnership underscores a broader industry trend: banks are recognizing that deposit growth is not just about opening accounts, but about activating them. By leveraging SwitchAssist, Live Oak Bank aims to reduce friction and accelerate the time it takes for new business customers to fully integrate the bank into their daily operations. This strategic move is likely to enhance customer retention and increase the lifetime value of business banking relationships, positioning Live Oak as a leader in proactive deposit activation.