With the advent of online banking, it’s never been easier to keep tabs on your finances. But let’s be honest, when your balance starts to dip into the red there’s a stronger impulse to avoid checking your account altogether and just keep on spending.
But now, the Internet of Things is here to deliver a slap on the wrist to habitual over spenders. Interact IoT is a new banking platform that doesn’t just push out a notification when you’re going over your limit, it lets you know in no uncertain terms. Connected to your Pavlok wearable, it delivers a small electric shock if you go over your agreed limit. Ouch. The same technology works with your Nest Thermostat and can switch off your heating automatically if you’re spending too much. Brrr.
It’s a clever use of technology to help curb reckless spending, although we reckon it could go further. Perhaps with an IoT connected in-ear device delivering audible alerts at the point of sale: “Mate, you simply can’t afford that.”