Binance Leverages AWS Cloud to Enhance User Experience With Generative AI
Main Takeaways
Binance will leverage Amazon Web Services’ (AWS) generative AI capabilities to enhance product user experience.
The move is designed to simplify the onboarding process for Binance users and provide an intuitive customer service experience.
AWS's comprehensive suite of services, including Amazon Bedrock and Amazon Elastic Container Service (Amazon ECS), power Binance's AI-driven optimization efforts.
Earlier today, we announced that we will use Amazon Web Services’ cloud services to improve the user onboarding experience, customer support, and internal automated system diagnostics and troubleshooting on Binance. Aiming to further drive advancements in the blockchain space and foster digital transformation, Binance combines blockchain technology and cloud computing services across Binance’s business and operations by building on AWS.
AI For User Experience
Binance operates a complex, high-volume platform with over 237 million registered users and a rapidly growing global user base. Ensuring a consistent user experience is essential, particularly for smoothly onboarding new users and quickly addressing issues. To achieve that, we are implementing cutting-edge solutions that are built with AWS's generative AI and cloud technologies. This initiative focuses on two key areas for our trading platform: simplifying identity verification (KYC) processes and addressing user issues automatically through generative AI.
At the heart of this optimization effort is a solution that integrates multiple AWS services. Amazon Bedrock, a fully managed service offering easy access to leading foundation models and a broad selection of capabilities for building GenAI applications, serves as the AI backbone on Binance. Amazon ECS, a fully managed container orchestration service, deploys Binance’s GenAI applications as scalable and efficient containerized services on AWS.
The implementation of a GenAI-powered KYC process solution, which autofills user information, performs proof-of-address (PoA) document quality checks and accelerates World-Check reviews, has already yielded impressive results. Binance has improved the user information recognition rate to 95 percent, reduced optical character recognition (OCR) costs by 80 percent, increased the PoA approval rate in 107 countries by six percent, and decreased the time spent on manual World-Check case reviews by 30 percent.
In addition, the implementation of Amazon Bedrock on Binance’s GenAI-powered chatbot has shown promising initial results. By clarifying user inquiries and generating high-quality answers during interactions, Binance has achieved a five percent improvement in Bot FCR (First Call Resolution) across user scenarios that leverage GenAI applications.
New Standards For Efficiency and Reliability
Rohit Wad, Chief Technology Officer at Binance, noted that 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. He added: "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."Building on this success, we plan to extend our use of AWS's generative AI technologies and cloud services across various domains, including customer service, compliance and risk management. This endeavor 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 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 consecutive year, AWS has been the only cloud provider and sponsor of the Binance Blockchain Week, our annual flagship event that brings together industry leaders, developers, and enthusiasts to explore the latest trends and advancements in blockchain technology.