Binancand has announced its collaboration with Amazon Web Services (AWS) to optimize the user onboarding experience, improve customer service, and refine problem diagnosis and resolution in your automated system with Generative AI. Aiming to continue advancing the blockchain space and promoting digital transformation, Binance is integrating blockchain technology with AWS cloud computing services across its operations.
Binance operates a complex, high-volume platform with over 237 million registered users and a constantly growing daily user base. Ensuring a consistent user experience is crucial, especially for efficiently onboarding new users and quickly resolving their issues. Binance is implementing advanced solutions using generative AI and AWS cloud technologies. This initiative focuses on two key areas: simplifying KYC (know your customer) processes and automatically solving user problems through generative AI.
At the core of this optimization effort is a solution that integrates multiple AWS services. Amazon Bedrocka fully managed service that offers easy access to leading AI models and a wide range of capabilities for building GenAI applications, acts as the AI backbone at Binance. Amazon ECSa fully managed container orchestration service, deploys Binance GenAI applications as scalable and efficient containerized services on AWS.
The implementation of a KYC process solution powered by GenAI, which auto-populates user information, performs proof of address (POA) document quality checks and accelerates World-Check reviews, has already shown impressive results. Binance has improved user information recognition rate up to 95%, reduced Optical Character Recognition (OCR) costs by 80%, increased Proof of Address (POA) pass rate in 107 countries in 6% and has reduced the time spent on manual reviews of World-Check cases by 30%.
Binance Leverages AWS Generative AI Capabilities to Improve Product User Experience and Improve User Satisfaction
Furthermore, the implementation of Amazon Bedrock on Binance’s GenAI-powered chatbot has shown promising initial results. By clarifying user queries and generating high-quality responses during interactions, Binance has achieved a 5% improvement in bot FCR (first call resolution) across all user scenarios using GenAI applications.
Binance leverages AWS cloud with generative AI
“AWS’s comprehensive cloud services enable Binance to maintain our ongoing commitment to ensuring user-centric services are backed by operational excellence and customer satisfaction,” said Rohit Wad, Chief Technology Officer at Binance. “By integrating AWS’s suite of cloud technologies, including cutting-edge generative AI capabilities, we are not only streamlining our operations, but also setting new standards for efficiency and reliability in the blockchain and cryptocurrency industry. “This initiative is crucial to maintaining the trust of our global user base of more than 237 million and ensuring uninterrupted service in our fast-paced 24/7 commerce environment.”
Building on this success, Binance plans to expand its use of generative AI technologies and AWS cloud services across multiple domains, including customer service, compliance, and risk management. This effort will expand Binance’s generative AI footprint, using AWS to drive 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. “This demonstrates the transformative potential of integrating generative AI with our comprehensive cloud services in complex, high-risk digital environments. By leveraging services such as Amazon Bedrock, Amazon CloudWatch, and AWS Lambda, Binance is pioneering new approaches to system optimization and automated problem resolution. We look forward to continuing to support Binance to develop cutting-edge solutions that enhance its operations and deliver exceptional experiences to its global user base.”
For the second year in a row, AWS has been the sole cloud provider and sponsor of Binance Blockchain Week, its flagship annual event that brings together industry leaders, developers and enthusiasts to explore the latest trends and advancements in blockchain technology.
