Electric shocks to curb overspending

Interact IoT is a banking platform that connects to smart devices and gently punishes the user for overspending.

With online banking, it is now easier than ever for people to stay on top of their finances — but that doesn’t mean that they do. Often, when someone is overspending, they will purposefully avoid checking their balance. Now, the Interact IoT is an Internet of Things banking platform that makes sure users are not living in blissful ignorance. The smart bank account connects to other devices — including the Nest Thermostat and Pavlok wearable — and gently punishes the user for overspending, helping them break their bad habits.

To begin, users connect their existing bank account or credit card to Interact IoT and choose which smart devices they want it to integrate with. Then, the user sets themselves a spending limit. Next, the banking platform monitors the user’s spending and when they go over their limit, it prompts reactions from the connected devices. For example, if connected to Pavlok, the wearable will deliver an electric shock to the wrist when the spending limit is passed. Alternatively, if connected to Nest Thermostat, the customer’s heating can automatically switch off when they drop below a self-imposed amount.

How else could IoT devices be used to curb overspending?