Binance, the world’s leading cryptocurrency exchange, announced a new collaboration with Amazon Web Services (AWS), according to the reports shared with Finbold on Wednesday, October 31.
Leveraging AWS’s cloud technologies, the exchange hopes to streamline its user Know Your Customer (KYC) process and enhance its customer service through automated issue resolution.
Streamlined onboarding on Binance
Amazon Bedrock, the artificial intelligence (AI) engine powering Binance’s generative applications, will serve as the cornerstone of the new initiative.
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Working in tandem with Bedrock, Amazon Elastic Compute Cloud (ECS) will deploy the applications as scalable containerized services.
Rohit Wad, chief technology officer (CTO) of Binance, commented on the collaboration, stating it would set new standards in the blockchain industry:
“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.”
AI-powered KYC processes
Another highlight of the collaboration is a generative AI-powered KYC solution that autofills user information, verifies Proof of Address (PoA) documents, and accelerates World-Check reviews.
According to our reports, these improvements have led to a 95% improvement in user information recognition, an 80% reduction in Optical Character Recognition (OCR) costs, a 6% increase in Proof of Approval (PoA) approvals across 107 countries, and a 30% decrease in time spent on manual World-Check case reviews.
Amazon Bedrock’s AI chatbot has likewise enhanced First Call Resolution (FCR) by 5%.
The future of Binance’s AI solutions
Binance plans to extend its use of AWS’s generative AI technologies and cloud services to customer service and compliance and risk management.
AWS Director of Cloud and AI Innovation, Arni Raghvender, commented on the exchange’s plans for the future, stating:
“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.”
As the exclusive cloud sponsor for Binance Blockchain Week two years in a row, AWS is undoubtedly committed to fostering blockchain innovation and bringing together leading developers with its advanced computing tools.
