With many improvement in technology, Internet of Things is happening in banking. Main thing is managing your finance. A British technology firm has developed the world’s first Internet of Things bank account. The IoT bank automatically detects overspending, then gives users an electric shock or turns their heating down to save hundreds on heating bills.
Intelligent Environment enables people to log into their back account and securely connect a range of smart devices. The devices will automatically respond to the user’s bank balance and help them saving money. Two smart devices already integrated into the IoT bank platform include Nest Thermostat and Pavlok, the wearable device that gives users electric shocks to help them break bad habits.
Internet of Things Pavlok Integration is in easy four step. First, consumers log into their credit card or bank account. Second, they connect their Pavlok device and set a spending limit. Third, when users near their self-imposed spending limit, their phone will display a notification. Finally, if users go over their limit, Pavlok will deliver an electric shock to their wrist.
If the electric shock doesn’t appeal, Interact IoT also works with other IoT devices such as Google’s Nest Thermostat. With Pavlok, when a user’s account balance hitting the spending limit, the bank will automatically turn the Nest Thermostat down to a user-defined temperature. According to the Energy Saving Trust, turning your thermostat down by just three degrees will save £255 per year.
As a banking platform provider, security is the most important consideration for Intelligent Environments when designing and implementing new features. As a result, Interact IoT conforms to ‘bank-grade’ security so consumers can be confident their accounts are protected at all times, regardless of which smart devices are connected (see ‘notes to editors’ for technical details on security).