According to an October 31 statement shared with CryptoSlate, Binance is turning to Amazon Web Services (AWS) and its advanced generative AI tools to improve the user experience on its platform.
By incorporating AWS cloud and generative AI technologies, Binance aims to streamline user onboarding, enhance customer support, and improve internal systems for automated diagnostics and troubleshooting.
The exchange explained that the decision underscores its commitment to advancing blockchain technology and driving digital transformation. Binance further added that the move underscores its strategy to integrate blockchain with AWS cloud services across its operations and demonstrates its forward-looking approach to infrastructure modernization.
Binance's efforts are focused on two key areas of the trading platform: simplifying the know-your-customer (KYC) process and automating problem-solving with generative AI. A GenAI-powered KYC system makes onboarding more user-friendly, and an AI-driven chatbot responds to customer questions in real-time.
Binance, the largest cryptocurrency exchange by trading volume, noted that the introduction of AI tools has dramatically improved its processes. It stated:
“Binance improved user information recognition rate to 95%, reduced optical character recognition (OCR) costs by 80%, increased PoA approval rate by 6% in 107 countries, and reduced manual World-Check case reviews. 30% less time.
Several AWS services play a key role in this effort, including Amazon Bedrock, which provides the foundational model for GenAI applications, and Amazon ECS, which supports scalable application deployment on AWS.
Rohit Wad, Chief Technology Officer of Binance, said:
“By integrating AWS' suite of cloud technologies, including cutting-edge generative AI capabilities, we will not only streamline our operations, but also set a new standard for efficiency and reliability in the blockchain and cryptocurrency industry. ”
The adoption of Binance reflects the significant progress the generative AI sector has made since OpenAI introduced its groundbreaking ChatGPT chatbot in 2022.
Since then, the field has seen widespread adoption, with several major financial institutions adopting the technology in their operations.
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