When is a new TV a bank?
It’s a question you’ll hear a lot over the next year.
And it’s one that the banks are still trying to answer, as the industry and consumer groups scramble to figure out how best to meet consumer demand.
The Bank of England has set its sights on this year’s Consumer Electronics Show, which runs from February 6 to February 20.
But as banks prepare to unveil their latest line of home security devices, there’s a bit of confusion as to how they should market them.
“The way that we market our products is really based on the industry,” said Tim Moore, the chief executive of HomeSmart UK, a consumer group.
“What you see is that a lot of people who have a new home are going to want to go into the house and spend a lot more time there than they would normally.”
For example, he says, people want to get into the kitchen for a few minutes to prepare a meal or for a bath.
“You can get away with a few taps and a flick of the wrist but it’s not that simple,” Moore said.
He added that the “low-profile” designs of the devices are a key factor.
Moore thinks that when banks introduce a new feature, it will be designed with “low profile” in mind.
But while the majority of home automation devices are “low mass” devices, Moore said that there are some that are “high mass” – which he describes as a high-end product.
What’s the difference between a low mass and high mass device?
“It’s very difficult to explain to people,” Moore explained.
“We call them low mass, because they’re low-profile, they’re not very big, they don’t look too much like a household appliance.”
Low mass devices can be designed to only be used by one person at a time.
They typically use one sensor to tell them what the weather is like, and can have built-in microphones that can be turned off at certain times.
“High-mass” devices can only be connected to one device at a moment, and require the owner to remove the device before they can be used.
So, for example, if you’re watching Netflix, you might want to be able to turn off the microphone in the fridge, but you can’t turn off your TV or use your phone without putting the device back on first.
High-profile devices, on the other hand, are designed to work with multiple devices, like a lightbulb or TV, and allow for the use of multiple functions at the same time.
“The whole idea is to use them all at once,” Moore says.
For a high end product, you would need a range of sensors, Moore says, and that includes two or three cameras to track your movements.
You also need a “back-up camera” which would help if you lose your phone or TV.
And the device needs to be “reconfigurable,” meaning that you can easily change the functionality of the device over time, Moore explains.
A low-cost low-mass device may cost less than a high mass one, but the key is to be as “low” as possible to appeal to a wider audience, Moore suggests.
Low-profile products may be ideal for home security purposes, but high-profile ones might be better for other purposes.
Some banks have also launched a range that includes security cameras, a home alarm system, and a home security system that allows you to control your home remotely.
“In a high security market, they need to have a lot,” Moore told Polygon.
“A lot of these devices are low mass so they can’t be used in all kinds of places.
But it’s all about what the consumer wants.”
But how does Moore plan to appeal these devices to the public?
The HomeSmart group is currently developing a product that can “manage the whole house, even if you live in another house,” Moore adds.
One way Moore sees this coming to market is by allowing homeowners to remotely control their devices.
There’s also a “self-driving car” model that could be connected with cameras to record what happens around the house, but Moore says it will have a “high-end” function.
This will allow homeowners to control the devices remotely, and even to remotely turn off cameras if they want.
In short, Moore hopes that by providing a wide range of products, banks can make a lot out of low- and high-tech products that might not be ideal in every case.
Do I need a new set of security cameras?
No, not at all.
A security camera is just one of many features that the bank can provide.
The Home Smart group has already created a range, and HomeSmart’s Moore says the company has a lot to offer.
“It’s really important for us to be