In a move that highlights the intensifying competition for business deposits, Live Oak Bank has selected Onsetto's SwitchAssist platform to enhance how its business customers transition and activate their banking relationships. The announcement, made on August 5, 2026, signals a broader industry shift toward focusing not just on acquiring new accounts, but on ensuring those accounts become fully engaged primary operating relationships.
SwitchAssist is designed to bridge the gap between account opening and activation by providing a structured experience for both customers and bankers. Through the platform, Live Oak Bank will guide business 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. This structured approach aims to reduce friction, improve onboarding, and accelerate the time it takes for customers to realize value from their new banking relationship.
“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.”
For many financial institutions, account opening is only the first step. The greater challenge lies in helping customers move their actual financial activity—deposits, payments, payroll, treasury services, and vendor relationships—to the new institution. Without a structured process, new accounts may remain underutilized, deposits may stay elsewhere, and attrition risk can increase. Onsetto, a fintech company focused on business deposit growth, developed SwitchAssist to address this exact problem by providing the growth infrastructure needed to operationalize account activation and convert new 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.”
The platform combines customer-facing workflows, banker enablement tools, progress visibility, and activation best practices to create a consistent and scalable transition experience. For banks, this supports deposit growth, treasury services adoption, customer engagement, operational efficiency, and long-term relationship value. With 21 financial institutions already live on the platform, Onsetto is helping banks and credit unions move beyond acquisition and build repeatable processes for business banking activation.
As competition for business deposits intensifies, the ability to activate new accounts quickly is becoming a key differentiator. Live Oak Bank's adoption of SwitchAssist reflects a strategic focus on ensuring that newly opened accounts become the primary operating accounts for business customers, which is essential for deposit growth and customer loyalty in an increasingly crowded market.
