Live Oak Bank Taps Onsetto's SwitchAssist to Boost Business Deposit Activation

Onsetto, a fintech company specializing in helping financial institutions grow business deposits and activate primary banking relationships, has announced that Live Oak Bank has selected its SwitchAssist platform. This partnership aims to enhance how business customers transition and activate their banking relationships, addressing the critical gap between account opening and full engagement. Live Oak Bank's Chief Banking Officer, Mark Moroz, emphasized the bank's commitment to simplifying banking for business owners and noted that SwitchAssist provides a structured approach to reduce friction, improve onboarding, and accelerate activation, allowing customers to realize value more quickly.

SwitchAssist is designed to guide business 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. This structured activation process is vital because many new business accounts remain underutilized if customers don't move their real financial activity—like deposits, payments, payroll, and vendor relationships—to the new institution. By providing banker enablement tools, progress visibility, and activation best practices, SwitchAssist helps banks reduce customer friction, support follow-up, and convert new accounts into deeper, more valuable relationships. Cale Johnston, Founder and CEO of Onsetto, highlighted that banks are under pressure to grow deposits and reduce attrition, and SwitchAssist offers a structured framework to make activation a core part of business banking growth. With 21 financial institutions already using the platform, Onsetto continues to help banks and credit unions move beyond acquisition to build repeatable processes for business banking activation. For more information, visit www.onsetto.com.