Intelligent Environments
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Will the Internet of Things for banking really take off?

Making tech interoperable so it can work in the ‘Internet of Things’ presents many interesting opportunities for businesses and individuals.

Today, quirky financial software firm Intelligent Environments is showing off what it says is the first IoT banking platform – Interact IoT – which uses ‘if this, then that’ coding principles to help keep people’s spending in check.

It’s currently integrated with Google’s Nest thermostat so that, once you set spending parameters around your bank account, it can turn the heating down if you’ve had an expensive shopping trip.

MD David Webber says the product has been created to tackle the problem with the fact that, given our transactions are increasingly digital, “money is almost invisible today”.

Intelligent Environments sells its services into the big banks – including HSBC, Atom Bank and Sainsbury’s – so it’s hoping the demo platform might soon be integrated into millions of customer accounts.

It’s currently working on an integration with the “classical Pavlovian conditioning” wearables provider Pavlok, which helps users to change bad habits by delivering an… electric shock.

Seriously. It’s just reached its $250,000 funding goal on Indiegogo. Obviously there’s all sorts of reasons that crowdfunded products fail to get to market, but there are people out there that seem to want it, at least.

In the future, like web interoperability king IFTTT (If This Then That), the platform could connect your bank account with anything smart to help you cut spending if you’re running low. Perhaps an electric car that will auto-switch onto economy mode?

Because Intelligent Environments works with major banks, the company also promises ‘bank grade’ security – namely AES 128-bit encryption and Transport Layer Security 1.2 – out of the box.

Of course, you could just tap open your banking app to keep an eye on your account, but this neat idea shows how the IoT could give people added levels of control over more parts of their lives, without even thinking about it.