Live Oak Bank Partners with Onsetto to Automate Business Banking Activation and Growth

Quick Summary

Live Oak Bank has partnered with Onsetto to deploy its SwitchAssist activation platform, designed to streamline how business customers transition their primary banking activities. This partnership enables automated account switching, helping the bank secure primary operating relationships and accelerate business deposit growth through structured onboarding workflows.

How Does Onsetto Solve Business Banking Attrition?

Onsetto addresses the "activation gap" where newly opened accounts remain dormant because moving financial operations is too complex. By providing structured activation experiences, the platform ensures that business banking activation becomes a repeatable, friction-free process for both the customer and the banker. Key features include:

• Automated payment updates for recurring transactions and vendor notifications.
• Treasury service adoption tools that integrate new workflows immediately.
• Banker enablement dashboards that provide visibility into customer transition progress.

This infrastructure helps reduce customer friction and ensures that deposits stay active within the new institution rather than remaining with previous providers.

What Results Has SwitchAssist Delivered for Financial Institutions?

The platform is currently utilized by 21 financial institutions to operationalize their commercial growth models. By moving away from manual transition processes, banks can scale their treasury services adoption and improve long-term relationship value. The system is specifically designed to accelerate deposit activation, turning a standard account opening into a fully engaged primary financial partnership. This structured approach has proven essential for banks looking to deepen commercial relationships in a highly competitive deposit environment.

FF NEWS TAKE:

This partnership moves the needle by addressing the biggest bottleneck in commercial banking: the "silent churn" of inactive accounts. While many fintechs focus on the digital application, Onsetto focuses on the plumbing of the actual move. For Live Oak Bank, this isn't just a tech upgrade; it’s a strategic play to capture liquidity faster. In an era of high interest rates, the ability to rapidly activate business deposits is a major competitive advantage.