Would you like to be shocked into financial responsibility?
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Intelligent Environments launches world’s first Internet of Things Bank from Intelligent Environments on Vimeo.
Zapping someone for going overdrawn might sound harsh, but the company behind the idea claims many customers anxious about exceeding their limits would agree that it is better to get a little shock now instead of a nasty jolt later. When users near their self-imposed spending limit, their phone will display a notification.
Surrey-based Intelligent Environments claimed that its Interact IoT service will connect a bank account to the devices such as the Nest thermostat or a Pavlok wristband.
Recent research by Intelligent Environments revealed that 32 per cent of young Brits suffer from the “ostrich effect” when it comes to their bank balance, preferring to stick their heads in the sand rather than find out how much money they have.
Alternatively, customers could program their Nest Thermostat to turn down the heating if their bank account balance dropped below a certain level. Due to security concerns, the platform has been built to prevent the connected devices from communicating back to the bank.
A BRITISH firm has developed a wristband which can deliver a 255-volt shock to the wearer when they go over their bank limit.
“However, with the Pavlok integration users have told us they love it”.
If a shock doesn’t appeal, Interact IoT also works with other smart devices, such as Google’s Nest Thermostat. “They think it’s much better to get a little shock now, instead of a nasty one later”, said David Webber, managing director of Intelligent Environments. It also found that only a third of 18- to 24-year-olds felt their banks provided them with the digital budgeting tools they needed to stay on top of their debt and finances.
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But cyber security expert Prof Alan Woodward of Surrey University told the BBC: “Having a convoluted interaction between systems is nearly inevitably going to lead to unintended security flaws”.
