Intelligent Environments, a British software provider for the financial services industry, has launched an Internet of Things (IoT) platform for banks. The system aims to connect banks to smart devices, including the Nest thermostat.
Currently the platform is launching with support for the Pavlok wristband. This wristband is capable of delivering a 255 volt electric shock. It links to a bank account, and once that account goes below an agreed limit, you'll be shocked with the surge of electricity.
This development is just to show off the capabilities of the platform. The company plans to integrate more devices, like the Nest thermostat range, so that if you spend too much, it reduces your heating, which is estimated to save you around £255 per year, helping you to stay out of the red. The firm aims for an IFTTT-style approach, where users can set up links between their bank account and any number of devices, and take action based on an event.
According to the CEO, David Webber, it is about helping bank customers manage their spending more proactively, citing willpower as one of the issues. "Willpower is great if you've got it," he said, adding, "not everybody has".
In response to concerns that the platform may be too controlling, Webber emphasised that you can turn the heating back up again if you "decide you can afford for it to be warmer", whilst also stating that the electric shock function of the wristband can be disabled.
No banks have announced that they will be offering the platform to their customers so far.