Once upon a time, a man decided to open a business account in Europe. How hard could it be? he thought. Fast forward: 300 days later, he had memorized every customer support hold-music tune, uploaded his passport scan more times than he had birthdays, and had developed an emotional bond with the “Please wait, we are reviewing your documents” screen.

“At this point,” he said, “I wasn’t opening a bank account anymore. I was starring in a slow-motion bureaucratic sitcom.”

The Turning Point

Then, one magical Tuesday morning, he stumbled across Walletto. In less time than it takes to burn microwave popcorn, he discovered a platform built on a global payments infrastructure designed for real businesses. No endless back-and-forth, no medieval paperwork rituals — just a straightforward process that ended with an IBAN, a card, and actual relief.

From 300 Days to 30 Minutes

After months of banging his head against digital walls, it took him 30 minutes at Walletto to do what he couldn’t achieve elsewhere in nearly a year. He got his account approved, set up, and running before his coffee even cooled.

Moral of the story: don’t be like him. Skip the 300 days. Go straight to the 30 minutes.

Open Your Business Account Today

The story of online banking is one of those tales that perfectly reflects how technology, consumer behavior, and financial institutions have all evolved together over the last few decades. Today, we take it for granted that we can log into an app, transfer money in seconds, or open an account from our couch in pajamas. But this level of convenience didn’t appear overnight. It was the result of a long journey full of experimentation, hesitation, and innovation.

In the early 1980s, banking was still very much a physical experience. Customers stood in line, filled out paper slips, and relied on tellers to deposit, withdraw, or move funds. Technology was beginning to creep in—ATMs had started appearing in the 1970s, offering limited self-service options. But the idea of accessing a bank through a computer felt futuristic, almost like science fiction.

The first real experiments with “home banking” emerged in the early 1980s. Banks in the United States and Europe began testing systems that allowed customers to connect to their accounts using a landline telephone and a terminal or personal computer. These systems were rudimentary: clunky interfaces, slow connections, and extremely limited functionality. Yet they were groundbreaking. For the first time, banking was no longer tied to a branch’s opening hours. Customers could check balances or make simple transfers from home. That alone was revolutionary.

The 1990s were the real turning point. The World Wide Web exploded in popularity, and banks quickly realized that it could become more than just a marketing tool. In 1994, Stanford Federal Credit Union became the first financial institution in the United States to offer online banking services to all of its customers. At the time, only a small fraction of the population even had internet access, but the concept caught on. Larger banks followed, and by the end of the decade, most major financial institutions had some form of online banking portal. Of course, these early websites were basic. Security was a major concern, and many customers were hesitant to trust the idea of sending financial data over the mysterious “information superhighway.” Banks had to invest heavily in encryption, authentication, and education to convince the public that online banking was safe.

By the early 2000s, online banking was no longer a novelty; it was becoming the norm. Broadband connections made websites faster and more responsive. Banks started offering full-service platforms, allowing customers not only to view balances but also to pay bills, set up recurring transfers, and apply for loans. The rise of e-commerce fueled this transformation. As people became more comfortable entering credit card details on websites like Amazon or eBay, their trust in digital financial transactions grew. Online banking, once seen as risky, became a convenient necessity.

The next major leap came with the rise of smartphones. In 2007, Apple launched the iPhone, and mobile apps soon followed. Banks were quick to adapt, realizing that customers wanted access to their money not just from a desktop computer, but from anywhere. Mobile banking apps revolutionized how people interacted with their finances. Suddenly, you could deposit a check by taking a photo, send money instantly to friends, or receive real-time alerts about account activity. This was not just a new channel; it was a whole new philosophy of banking: convenience, speed, and personalization.