Banking

Putting the buzz back into banking with electroshock therapy

By Oliver Smith 19 May 2016
Summary

Do you want your current account to electrocute you?

In the future your bank account might become more like an online passport of your identity. Maybe it’ll connect to your home thermostat and turn the heating down to save you money.

Or it might even electrocute you if you overspend.

At least that’s what British digital banking group Intelligent Environments believes. They are building a platform to connect bank accounts with connected devices, called Interact IoT.

The idea is that you might want the devices around you to adapt to your bank balance, and the group says it can already connect to the Nest smart Thermostat to tweak your heating if your balance falls too low.

Intelligent Environments can connect your bank account with a smart home thermostat.

More shocking

Things get more extreme if you use Interact IoT to connect your bank account with say… Pavlok’s 255 volt electric shock wristband.

It can be set up to deliver an electric jolt if you go over your spending limit.

Intelligent Environments says it’s all about “training your brain”.

“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,” said David Webber, managing director of Intelligent Environments.

We’re not sold on banks electrocuting their customers, but connecting your spending with the devices in your home makes sense.

Since 2013 it’s been the law in Britain that electricity suppliers roll out smart meters to give people a better understand of their consumption, linking this with your bank account is simply the next logical step.

Intelligent Environments doesn’t say if any banks have embraced its connected bank account tech yet, but its website lists Atom Bank as a customer which is deploying Interact IoT.

Read more: App-only Atom Bank first to promise face & voice recognition