MINNEAPOLIS, MN - In a move that underscores the growing importance of account activation in business banking, Onsetto, a fintech company specializing in commercial banking growth, announced that Live Oak Bank has selected its SwitchAssist platform. The partnership aims to enhance how Live Oak Bank transitions and activates business customer relationships, a critical factor as competition for business deposits intensifies.
Onsetto's SwitchAssist provides a structured activation experience for both business customers and bankers, helping to close the gap between account opening and full engagement. Through the platform, Live Oak Bank will guide customers through essential steps such as updating payment instructions, transitioning recurring transactions, notifying vendors and customers, activating treasury and payment services, and establishing new operating workflows.
Live Oak Bank's Chief Banking Officer, Mark Moroz, emphasized the bank's commitment to simplifying banking for business owners. "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 business account opening is just the beginning. Without a structured process to help customers move their actual financial activity—deposits, payments, payroll, treasury services, and vendor relationships—new accounts may remain underutilized. This can lead to deposits staying elsewhere, increased attrition risk, and missed opportunities for deeper relationships.
Onsetto was founded to address this issue. SwitchAssist offers the growth infrastructure needed to operationalize account activation, reduce customer friction, support banker follow-up, and convert new accounts into more valuable commercial relationships. Cale Johnston, Founder and CEO of Onsetto, noted, "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 highlights the increasing focus on activation as a core component of business banking growth. With 21 financial institutions currently using the platform, Onsetto continues to help banks and credit unions move beyond acquisition and build repeatable processes for activation. The platform combines customer-facing workflows, banker enablement tools, progress visibility, and 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.
This partnership comes at a time when financial institutions are seeking innovative solutions to differentiate themselves in a competitive market. By focusing on activation, Live Oak Bank aims to ensure that new business accounts become fully engaged primary relationships, ultimately driving growth and customer loyalty. For more information about Onsetto and its solutions, visit www.onsetto.com.
