World’s first Internet of Things bank helps you take control of your finances and kerb overspending

  • Interact® IoT, the first ever Internet of Things banking platform, is launched today by Intelligent Environments
  • Smart devices such as Nest Thermostat and the Pavlok wearable device can now be connected to your bank account
  • Nest Thermostat will automatically turn your heating down to save you £255 a year in bills, while Pavlok will deliver an electric shock if you overspend
  • Watch the world’s first Internet of Things bank in action in this video

With a third of millennials too scared to check their bank account, a British technology firm has developed the world’s first Internet of Things bank account. The IoT bank automatically detects overspending, then gives users an electric shock or turns their heating down to save hundreds on heating bills.

World’s first Internet of Things bank platform

Intelligent Environments’ Interact IoT enables people to log into their bank and securely connect a range of smart devices. These devices then automatically respond to their bank balance, helping them save money. Smart devices already integrated into the IoT bank platform include Nest Thermostat and Pavlok, the wearable device that gives users electric shocks to help them break bad habits.

Pavlok: Train your brain to kerb overspending with electric shocks

The Interact IoT Pavlok integration works in four easy steps. First, customers log into their credit card or bank account. Second, they connect their Pavlok device and set a spending limit. Third, when they near their self-imposed spending limit, their phone will display a notification. Finally, if they go over their limit, Pavlok will deliver an electric shock to their wrist.

Nest Thermostat: Save £255 by automatically turning your heating down

If a shock doesn’t appeal, Interact IoT also works with other smart devices, such as Google’s Nest Thermostat. As with Pavlok, if a customer’s account balance drops below their self-imposed spending limit, the bank will automatically turn the Nest Thermostat down to a user-defined temperature. According to the Energy Saving Trust, turning your thermostat down by just three degrees can save £255 per year.

Soon to be publicly available

Intelligent Environments anticipates many discussions with banks and credit card companies in order to bring the Interact IoT platform to their customers in the near future. Furthermore, Nest Thermostat and Pavlok are just the first of many integrations. Positioned as ‘the IFTTT of money’, the platform has been developed such that any smart device (e.g. smart meters or connected lights) can be linked to a customer’s bank or credit card accounts.

Security is key

As a banking platform provider, security is the most important consideration for Intelligent Environments when designing and implementing new features. As a result, Interact IoT conforms to ‘bank-grade’ security so customers can be confident their accounts are protected at all times, regardless of which smart devices are connected (see ‘On Interact IoT security’ (below) for technical details on security).

Responding to demand

The research from Intelligent Environments also showed 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. And 22 per cent said they would be less likely to go into debt if their bank provided them with better digital money management tools.

“With cashless payment methods like contactless, Direct Debits, and Apple Pay, it’s unsurprising we lose track of spending, so we decided to solve this by enabling smart devices to manage our overspending for us. This means customers can now get complete control and oversight of their finances without having to lift a finger.” said David Webber, Managing Director at Intelligent Environments.

“Both Pavlok and Nest Thermostat are opt-in services, so customers can decide whether to switch them on or not. However, 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.”

Alexandra Deschamps-Sonsino, an interaction designer who was named 2nd in the Top 100 Internet of Things Thought Leaders (Onalytica, 2014) and included in the Top 100 Influential Tech Women on Twitter (Business Insider, 2014), said of Interact IoT: “Current regulatory and industry positions mean it’s not easy for people to take control over their money in a way that’s in keeping with the rest of the world. This concept enables people to make their money a ‘Thing’ on the ‘Internet of Things’. It’s a very clever idea.”

Leaders in innovation

Interact IoT is one of several groundbreaking innovations the financial services technology firm has developed. In June 2015 Intelligent Environments launched the first ever Emoji Password, and the firm was also behind the world’s first smartwatch banking app in 2013.

Notes to editors:

  • Download images and video to accompany the story here
  • Interact IoT demos for media are available in the UK upon request

On Interact IoT security:

As a platform provider to some of the world’s biggest and most respected financial services institutions, security is our number one priority. As a result, Interact IoT and the devices that connect to it use AES 128-bit encryption and Transport Layer Security 1.2 (TLS 1.2). To enhance security, Interact IoT server talks to verified smart devices that are encrypted. Furthermore, like a one way street, these devices can only respond to messages they receive about the money in a customer’s account. They will never be able to communicate back to the platform to get access to the money in the accounts.

For more information, please contact:

1. Siseley Coates-Harman, 10x, siseleycoates-harman@weare10x.com / 07432 023 135

2. Hew Leith, 10x, hewleith@weare10x.com / 07725 575 183

19 May 2016
  • Interact® IoT, the first ever Internet of Things banking platform, is launched today by Intelligent Environments
  • Smart devices such as Nest Thermostat and the Pavlok wearable device can now be connected to your bank account
  • Nest Thermostat will automatically turn your heating down to save you £255 a year in bills, while Pavlok will deliver an electric shock if you overspend
  • Watch the world’s first Internet of Things bank in action in this video

With a third of millennials too scared to check their bank account, a British technology firm has developed the world’s first Internet of Things bank account. The IoT bank automatically detects overspending, then gives users an electric shock or turns their heating down to save hundreds on heating bills.

World’s first Internet of Things bank platform

Intelligent Environments’ Interact IoT enables people to log into their bank and securely connect a range of smart devices. These devices then automatically respond to their bank balance, helping them save money. Smart devices already integrated into the IoT bank platform include Nest Thermostat and Pavlok, the wearable device that gives users electric shocks to help them break bad habits.

Pavlok: Train your brain to kerb overspending with electric shocks

The Interact IoT Pavlok integration works in four easy steps. First, customers log into their credit card or bank account. Second, they connect their Pavlok device and set a spending limit. Third, when they near their self-imposed spending limit, their phone will display a notification. Finally, if they go over their limit, Pavlok will deliver an electric shock to their wrist.

Nest Thermostat: Save £255 by automatically turning your heating down

If a shock doesn’t appeal, Interact IoT also works with other smart devices, such as Google’s Nest Thermostat. As with Pavlok, if a customer’s account balance drops below their self-imposed spending limit, the bank will automatically turn the Nest Thermostat down to a user-defined temperature. According to the Energy Saving Trust, turning your thermostat down by just three degrees can save £255 per year.

Soon to be publicly available

Intelligent Environments anticipates many discussions with banks and credit card companies in order to bring the Interact IoT platform to their customers in the near future. Furthermore, Nest Thermostat and Pavlok are just the first of many integrations. Positioned as ‘the IFTTT of money’, the platform has been developed such that any smart device (e.g. smart meters or connected lights) can be linked to a customer’s bank or credit card accounts.

Security is key

As a banking platform provider, security is the most important consideration for Intelligent Environments when designing and implementing new features. As a result, Interact IoT conforms to ‘bank-grade’ security so customers can be confident their accounts are protected at all times, regardless of which smart devices are connected (see ‘On Interact IoT security’ (below) for technical details on security).

Responding to demand

The research from Intelligent Environments also showed 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. And 22 per cent said they would be less likely to go into debt if their bank provided them with better digital money management tools.

“With cashless payment methods like contactless, Direct Debits, and Apple Pay, it’s unsurprising we lose track of spending, so we decided to solve this by enabling smart devices to manage our overspending for us. This means customers can now get complete control and oversight of their finances without having to lift a finger.” said David Webber, Managing Director at Intelligent Environments.

“Both Pavlok and Nest Thermostat are opt-in services, so customers can decide whether to switch them on or not. However, 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.”

Alexandra Deschamps-Sonsino, an interaction designer who was named 2nd in the Top 100 Internet of Things Thought Leaders (Onalytica, 2014) and included in the Top 100 Influential Tech Women on Twitter (Business Insider, 2014), said of Interact IoT: “Current regulatory and industry positions mean it’s not easy for people to take control over their money in a way that’s in keeping with the rest of the world. This concept enables people to make their money a ‘Thing’ on the ‘Internet of Things’. It’s a very clever idea.”

Leaders in innovation

Interact IoT is one of several groundbreaking innovations the financial services technology firm has developed. In June 2015 Intelligent Environments launched the first ever Emoji Password, and the firm was also behind the world’s first smartwatch banking app in 2013.

Notes to editors:

  • Download images and video to accompany the story here
  • Interact IoT demos for media are available in the UK upon request

On Interact IoT security:

As a platform provider to some of the world’s biggest and most respected financial services institutions, security is our number one priority. As a result, Interact IoT and the devices that connect to it use AES 128-bit encryption and Transport Layer Security 1.2 (TLS 1.2). To enhance security, Interact IoT server talks to verified smart devices that are encrypted. Furthermore, like a one way street, these devices can only respond to messages they receive about the money in a customer’s account. They will never be able to communicate back to the platform to get access to the money in the accounts.

For more information, please contact:

1. Siseley Coates-Harman, 10x, siseleycoates-harman@weare10x.com / 07432 023 135

2. Hew Leith, 10x, hewleith@weare10x.com / 07725 575 183