World's first connected bank will shock you into saving money

Interact IoT works with Pavlok wearable and Nest smart thermostats
Connected bank will shock you to spend less

We know that wearables can make it easier to spend money, but now they will soon be be able to help you curb your spending thanks to a new Internet of Things banking platform.

Interact IoT has been set up by British tech company Intelligent Environments in a bid to help prospective customers avoid bigger problems by running up big debts.

Its own research has shown that only a third of 18 to 24 year-olds feel their banks provide them with necessary digital budgeting tools to help them stay on top of their debt and finances.

Essential reading: How wearable tech can help kick bad habits

The IoT bank, which will offer bank-grade security, will enable customers to log in and connect a host of different smart home devices and wearables with the idea that these devices can react to a user's bank balance.

The first two devices to be supported will be Pavlok, the wearable that breaks bad habits using electrical shocks, and Nest's smart thermostat. Once you've set up a credit card or bank account, Pavlok can then be tied to your spending limit. When you get near that limit, you'll receive a notification on your phone. When you go over, Pavlok will deliver a shock to your wrist to remind you to stop splashing out.

With Nest, the thermostat can be linked in a similar way and instead of a shock, it'll turn down the temperature that the user will be able to determine. According to Intelligent Environments, turning down the temperature by just three degrees could save you £225 a year.

The company is hoping to bring the platform to life in the near future with the hope that banks and credit companies will warm to the prospect that the wearable and smart home tie up could be the next big thing for banking.

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