Once you set it up, these devices will monitor how much you are spending over the course of a month. Once you start nearing your spending limit, your smartphone will send you a notification but if you actually cross it, the results won't be as comforting.
Intelligent Environments launches world's first Internet of Things Bank from Intelligent Environments on Vimeo.
Interact IoT sets these devices up to make you pay for committing the sin of spending beyond your means. While a Nest Thermostat will turn its temperature down to a pre-determined limit to help save money on electricity bills, the Pavlok wearable will in fact give you an electric shock to teach you a lesson.
While electric shocks are a good way to set people's minds straight, the world war-style military disciplinarian's technique may be the right one for some people who don't care for healthy spending habits. If you think that's too harsh, a Nest Thermostat will simply cut your spending by other means to achieve break even at the end of the month. It's up to you after all.
Sadly, Interact IoT isn't up for sale yet. This is because its makers want to make it work with many more smart devices so that you will be able to choose a gadget based on what form of reminder suits you the most. Intelligent Environments are also talking to a number and banks and credit card companies to allow more people to use the concept in the near future.
“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," said 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,” he added.