- A solution that smoothly combines many AWS services is at the center of this optimization endeavor.
- Simplifying user KYC procedures and using generative AI to automatically resolve customer complaints are the two main goals.
- Impressive results have already been obtained from the deployment of a GenAI-powered KYC process solution.
Today, Binance, the world’s leading blockchain ecosystem, driving the world’s largest crypto exchange by trading volume and users, announced that it will use Amazon Web Services (AWS) to enhance customer support, internal automated system diagnosis, and troubleshooting on Binance. By using AWS, Binance integrates blockchain technology and cloud computing services into its business and operations with the goal of accelerating blockchain breakthroughs and promoting digital transformation.
With more than 237 million registered users and a steadily increasing daily user base, Binance runs a sophisticated, high-volume platform. A consistent user experience is crucial, especially for the seamless onboarding of new users and the prompt resolution of any problems. Cutting-edge solutions developed using AWS’s generative AI and cloud technologies are being implemented by Binance. Simplifying user KYC procedures and using generative AI to automatically resolve customer complaints are the two main goals of this initiative for its trading platform.
A solution that smoothly combines many AWS services is at the center of this optimization endeavor. The AI backbone of Binance is Amazon Bedrock, a fully managed service that provides simple access to top foundation models and a wide range of features for developing GenAI applications. Binance’s GenAI applications are deployed as scalable and effective containerized services on AWS using Amazon ECS, a fully managed container orchestration service.
Impressive results have already been obtained from the deployment of a GenAI-powered KYC process solution that expedites World-Check reviews, conducts quality checks on Proof of Address (POA) documents, and autofills user information. Binance has enhanced the rate of user information recognition to 95 percent, cut the time spent on manual World-Check case reviews by 30 percent, decreased the cost of optical character recognition (OCR) by 80 percent, and raised the PoA approval rate in 107 countries by 6 percent.
Furthermore, the integration of Amazon Bedrock with Binance’s GenAI-powered chatbot has yielded encouraging first outcomes. Binance has improved Bot FCR (First Call Resolution) by 5% across user scenarios that employ GenAI apps by answering user questions and producing high-quality responses during interactions.
Rohit Wad, Chief Technology Officer at Binance stated:
“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. 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.”
Building on this achievement, Binance intends to employ AWS’s cloud services and generative AI capabilities in a number of areas, including risk management, compliance, and customer care. Through the use of AWS, this initiative will increase Binance’s generative AI footprint while fostering innovation and improving operational effectiveness.
Arni Raghvender, Director of Cloud and AI Innovation at AWS stated:
“We are excited to support Binance’s mission to drive innovation and reliability in the digital asset space. 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 supporting Binance to develop cutting-edge solutions that enhance their operations and deliver exceptional experiences for their global user base.”
For the second year in a row, AWS has been the exclusive cloud provider and sponsor of Binance Blockchain Week, the company’s annual premier event that brings together developers, enthusiasts, and experts in the industry to discuss the newest developments in blockchain technology.
