With online banking, compulsive shoppers can more easily stay on top of their spending rather than getting a financial shock when their statement arrives in the mail.

However, despite the ease of checking a bank balance online or via an app, some people still pull out their credit card when discretion would be advisable.

Now, to help prevent people overspending, the Interact IoT, an Internet of Things banking platform, can help spenders break bad habits  by gently punishing the user if they overspend, reports Springwise.

Users connect their bank account or credit card to Interact IoT and choose which smart devices to integrate it with. Then the user sets a spending limit.

From then on, 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 the Pavlok wearable, it will deliver a harmless electric shock to the wrist.

Alternatively, if connected to Nest Thermostat, the customer’s heating can automatically switch off until they drop below their self-imposed limit.

While these may be great ideas for consumers, they are likely to be even more of a shock to the retailer, or at the very least will be regarded rather coolly.