IBS Journal June 2016
09
Interact IoT looks to shock overspenders
nteract IoT, pitched as the first ever Internet of Things bank platform, has been launched by Intelligent Environments. Customers can use this to connect the likes of Nest Thermostat and the Pavlok wearable device to their bank accounts.
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Nest Thermostat will automatically turn their heating down to save money. And they can also log into their credit card or bank account, connect their Pavlok device and set a spending limit. When they near this, their phone will display a notification. If users go over the limit, Pavlok will deliver an electric shock to their wrist. Yikes.
No bank has yet announced it will be offering the platform to its customers, but Intelligent Environments says that it anticipates discussions with various FIs. It has also been developed so other smart devices (e.g. smart meters or connected lights) can be brought into the fold.
“With cashless payments like contactless, direct debits, and Apple Pay, it’s unsurprising we lose track of spending, so we decided to solve this by enabling smart devices to manage our overspending for us. This means customers can now get complete control and oversight of their finances without having to lift a finger.” says David Webber, Managing Director at Intelligent Environments. “Both Pavlok and Nest Thermostat are opt-in services so consumers can decide whether to switch them on or not. However, with the Pavlok integration users have told us they love it. They think it’s much better to get a little shock now, instead of a nasty one later.”
Scott Thompson
www.ibsintelligence.com
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