Binance Will Leverage AWS Cloud To Enhance User Experience With Generative AI
In Brief
Binance partnered with AWS to enhance the user onboarding experience, customer support, and internal automated system diagnostics and troubleshooting on the platform.
Cryptocurrency exchange Binance announced a partnership with Amazon Web Services (AWS) to improve the user onboarding experience, customer support, and internal automated system diagnosis and troubleshooting on Binance. Aiming to further drive advancements in the blockchain space and foster digital transformation, Binance combines blockchain technology and cloud computing services across Binance’s business and operations through building on AWS.
“AWS’s comprehensive cloud services allow Binance to uphold our ongoing commitment of ensuring user-focused services are backed by operational excellence and customer satisfaction,” said Rohit Wad, Chief Technology Officer at Binance, in a written statement. “By integrating AWS’s suite of cloud technologies, including cutting-edge generative AI capabilities, we’re not only streamlining our operations but also setting new standards for efficiency and reliability in the blockchain and cryptocurrency industry. This initiative is crucial for maintaining the trust of our global user base of over 237 million and ensuring uninterrupted service in our fast-paced, 24/7 trading environment,” he added.
Binance, which operates a high-volume cryptocurrency trading platform with over 237 million registered users and a continually expanding user base, emphasizes the importance of maintaining a consistent user experience. This priority is particularly evident in the onboarding process for new users and in promptly resolving user issues. In order to address these needs, it has integrated advanced solutions leveraging AWS’s generative AI and cloud technologies. This initiative centers on two primary objectives for the platform: simplifying the user Know Your Customer (KYC) process and utilizing generative AI to automatically handle user issues.
Binance Integrates AWS’s Advanced Solutions To Enhance Customer Service, Compliance, And Risk Management
A central element of this optimization effort is a solution that combines multiple AWS services. Amazon Bedrock, a managed service offering access to foundational models and capabilities for generative AI applications, serves as the AI framework for Binance. Additionally, Amazon ECS, a managed container orchestration service, deploys Binance’s generative AI applications as scalable, efficient containerized services on AWS.
The GenAI-powered KYC solution at Binance, which autofills user data, verifies Proof of Address (POA) document quality, and speeds up World-Check reviews, has already shown strong outcomes. Binance has achieved a 95 percent recognition rate for user information, cut optical character recognition (OCR) costs by 80 percent, raised POA approval rates in 107 countries by six percent, and reduced manual World-Check case review time by 30 percent.
Further, the deployment of Amazon Bedrock in Binance’s GenAI-powered chatbot has delivered promising initial results. The chatbot, which clarifies user inquiries and generates high-quality responses during interactions, has led to a five percent improvement in First Call Resolution (FCR) for scenarios utilizing GenAI.
Building on these advancements, Binance plans to broaden its application of AWS’s generative AI technologies and cloud services across multiple areas, such as customer service, compliance, and risk management. This expansion aims to leverage AWS’s GenAI capabilities to enhance Binance’s innovation and operational efficiency.
“We are excited to support Binance’s mission to drive innovation and reliability in the digital asset space,” said Arni Raghvender, Director of Cloud and AI Innovation at AWS, in a written statement. “This showcases the transformative potential of integrating generative AI with our comprehensive cloud services in complex, high-stakes digital environments. By leveraging services like Amazon Bedrock, Amazon CloudWatch, and AWS Lambda, Binance is pioneering new approaches to system optimization and automated problem-solving. We look forward to continuing to support Binance in developing cutting-edge solutions that enhance their operations and deliver exceptional experiences for their global user base,” he concluded.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
