On Thursday (31), Binance announced the adoption of artificial intelligence (AI) solutions from Amazon Web Services (AWS). This is Amazon’s cloud computing arm, and aims to improve the experience and security of its users.
The global cryptocurrency exchange highlighted that the partnership will focus on two main points: simplifying the process of verifying users’ identities, known as KYC (know your customer), and improving automatic problem-solving using generative AI (GenAI).
These new technologies aim to speed up service and strengthen security, improving the relationship between the platform and its users.
Finally, to justify the adoption of AI and AWS cloud technology, Binance pointed to the complexity and high volume of its platform, which serves a base of over 237 million registered users.
Binance AI Solution Improves User Recognition and Reduces Costs by 80%
Binance has revealed details of the integration between its platform and AWS, highlighting the use of Amazon Bedrock and Amazon ECS in this partnership.
Amazon Bedrock, a managed service that provides simplified access to base models and resources for developing GenAI applications, serves as Binance’s core AI infrastructure.
Amazon ECS, which orchestrates containers in a managed manner, enables the exchange’s GenAI applications to be deployed scalably and efficiently in the AWS cloud.
Among the new features, Binance highlighted the implementation of a KYC solution based on generative AI. This automates the filling of user information, verifies the quality of proof of address (POA) documents and speeds up reviews in the World-Check system.
Overall, this solution resulted in major improvements, with the user information recognition rate increasing to 95%. Additionally, there was an 80% reduction in optical character recognition (OCR) costs and a 6% increase in KYC approval rate across 107 countries.
Additionally, the time spent on manual World-Check reviews has dropped by 30%, highlighting the effectiveness of this technology.
AI Chatbot Improves Customer Service
The integration of Amazon Bedrock into Binance’s chatbot, which uses GenAI technology, has yielded promising initial results, especially in terms of customer service.
Binance reported a five percent improvement in its first-interaction resolution rate. This result came from scenarios where users are using applications with generative artificial intelligence. This improvement reflects the positive impact of the new technology on the exchange’s customer support.
According to Rohit Wad, Vice President of Technology (CTO) at Binance, the partnership with Amazon Web Services reinforces the company’s commitment to offering user-oriented services, focusing on operational excellence and satisfaction.
Additionally, Wad highlighted that AWS AI has brought a new standard of efficiency and reliability. As a result, it has elevated the experience and simplified operations in the blockchain and cryptocurrency industry.
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