Live Oak Bank has chosen Onsetto's SwitchAssist platform to enhance its business banking growth and deposit activation efforts, according to an announcement made on August 5, 2026. The fintech solution aims to help financial institutions turn newly opened business accounts into fully engaged primary relationships through structured onboarding and account transition support.
As competition for business deposits intensifies, banks are focusing not only on acquiring new accounts but also on ensuring those accounts become active and primary operating relationships. SwitchAssist helps bridge the gap between account opening and activation by providing a structured experience for business customers and bankers. Through the platform, Live Oak Bank will guide 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.
Mark Moroz, Chief Banking Officer at Live Oak Bank, emphasized the bank's commitment to helping business owners succeed with simpler and more efficient banking experiences. "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," Moroz said.
The challenge for many banks is that account opening is just the first step. Without a structured activation process, new accounts may remain underutilized, deposits may stay elsewhere, and customer attrition risk increases. Onsetto was built to address this by providing the growth infrastructure needed to operationalize account activation, reduce friction, support banker follow-up, and convert new accounts into deeper commercial relationships.
Cale Johnston, Founder and CEO of Onsetto, highlighted the pressure banks face to grow deposits and reduce attrition. "Many still rely on manual processes to help customers transition after account opening," Johnston said. "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 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 scalable transition experience. For banks, the platform supports deposit growth, treasury services adoption, customer engagement, operational efficiency, and long-term relationship value.
Onsetto reports that 21 financial institutions are currently live on the platform, indicating a growing trend among banks and credit unions to move beyond acquisition and build repeatable processes for business banking activation. The selection by Live Oak Bank underscores the importance of activation in the competitive business banking landscape.
For more information about Onsetto and its solutions, visit www.onsetto.com. The original press release is available at www.newmediawire.com.
