As competition for business deposits intensifies, banks are increasingly focusing on turning new accounts into fully engaged, primary operating relationships. Live Oak Bank has selected Onsetto’s SwitchAssist platform to enhance how business customers transition and activate their banking relationships, according to an announcement made on August 5, 2026.
Onsetto, a fintech company that helps financial institutions grow business deposits, said that SwitchAssist provides a structured activation experience for business customers and bankers. The platform 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.
“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.”
The challenge for many banks is that opening a business account is only the first step. The greater difficulty lies in 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 attrition risk can increase.
“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. The company’s approach addresses a critical pain point in the industry: ensuring that newly acquired accounts become primary relationships, which is vital for deposit growth and customer retention.
This partnership highlights a broader trend in financial services where banks are investing in technology to improve the customer experience and operational efficiency. By implementing SwitchAssist, Live Oak Bank aims to strengthen its business banking growth and deposit activation, potentially setting a precedent for other institutions looking to enhance their onboarding processes.
