March 31 2016: Fintech company Intelligent Environments has created a new banking platform that aims to help consumers reduce their spending habits by using IoT.

Called ‘Interact IoT’, the platform connects your bank account details to devices such as Google’s Nest thermostat and the Pavlok wristband, punishing you by turning down your heating or sending you an electric shock if you surpass your spending limit.

The company claims that 32 percent of people aged between 18 and 24 are worried about their spending habits and worry when it comes to looking at their bank accounts. This platform would control your spending.

Trust is crucial

While the idea seems novel and clever, it does rely on the trust of banks and bondholders, as it uses sensitive account details. But the firm says user data is kept protected by “bank-grade” security and is safe at all times.

This isn’t the first instance the company has used the Internet of Things in a bid to transform the finance and banking worlds. In 2014, it launched the world’s first ever emoji password and helped to create the first ever banking app for smartwatches.

At this stage, the platform is still in the early days, with the firm talking to a range of banks and credit card companies to bring it to the mass market. It hasn’t released a definitive timeline, but the talks are happening right now.

You might like to read: Is your bank ready for the Internet of Things?

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