The UK firm, Intelligent Environments wants to give big spenders a big shock with collaborating with Pavlok, makers of smart wristband. Originally designed for behavioral conditioning, the Pavlok wristband allows users to break bad habits by zapping the wearer with an electrical shock.
Intelligent Environments decided to use this and turn it around to give users a big shock when they overspend. Hahaha … what a great idea!
https://www.youtube.com/watch?v=JBamxxjphXs
“One British firm is seeking to put the buzz back into budgeting by giving bank customers an electric shock if they overspend. Intelligent Environments has launched a platform which can link the Pavlok wristband, which delivers a 255 volt shock, to a bank account.
If the funds in the account go below an agreed limit, the band kicks in. It can also work with smart meter Nest to turn down the heating and save energy bills if funds are low.
No bank has yet announced that it will be offering the Interact IoT (Internet of Things) platform to customers but Intelligent Environments lists several British banks as clients for its existing online banking platforms.
Chief executive David Webber told the BBC the idea was about consumer choice. “This is about reacting to changes in your financial well-being,” he said.”
Source: BBC
