Binance is turning to Amazon Web Services (AWS) and its advanced generative AI tools to enhance user experience on its platform, according to an Oct. 31 statement shared with CryptoSlate.
By incorporating AWS’s Cloud and Generative AI technologies, Binance aims to streamline user onboarding, strengthen customer support, and improve internal systems for automated diagnostics and troubleshooting.
The exchange explained that this decision highlights its commitment to advancing blockchain technology and fostering digital transformation. Binance furthered that the move emphasizes its strategy to integrate blockchain with AWS’s cloud services across its operations, marking a forward-looking approach to modernizing its infrastructure.
Binance’s efforts focus on two critical areas for its trading platforms: simplifying Know Your Customer (KYC) processes and automating issue resolution through generative AI. The KYC system powered by GenAI will make onboarding more user-friendly, while an AI-driven chatbot will assist with customer queries in real-time.
Binance, the largest crypto exchange by trading volume, pointed out that its implementation of AI tools has dramatically improved its processes. It stated:
“Binance has improved the user information recognition rate to 95%, reduced optical character recognition (OCR) costs by 80%, increased the PoA approval rate in 107 countries by 6%, and decreased the time spent on manual World-Check case reviews by 30%.”
Several AWS services play crucial roles in this initiative, including Amazon Bedrock, which provides foundational models for GenAI applications, and Amazon ECS, which supports scalable application deployment on AWS.
Rohit Wad, Chief Technology Officer at Binance, said:
“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.”
Binance’s adoption reflects the giant strides that the generative AI sector has made since OpenAI launched its groundbreaking ChatGPT chatbot in 2022.
Since then, the sector has seen widespread adoption, with several leading financial institutions embracing the technology for their operations.