Binance leverages AWS Cloud to enhance user experience with Gen AI

Binance, the world's leading blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and users, has announced its readiness to use Amazon Web Services (AWS) to improve the user onboarding experience, customer support and internal automated system diagnosis and troubleshooting on Binance.

In a move aimed to further drive advancements in the blockchain space and foster digital transformation, Binance says it will combine blockchain technology and cloud computing services across it’s business and operations through building on AWS.

Binance operates a complex, high-volume platform with over 237 million registered users and a rapidly growing daily user base.

In a statement issued in Dubai at the just-ended Binance Blockchain Week in Dubai 2024, a major international conference on the theme; "Shaping the Future of Digital Finance”, it said “Ensuring a consistent user experience is essential, particularly for smoothly onboarding new users and quickly addressing their issues.

Binance is implementing cutting-edge solutions that are built with AWS's generative AI and cloud technologies. This initiative focuses on two key areas for its trading platform: simplify user KYC processes and address user issues automatically through generative AI.

It said, in the heart of this optimisation effort is a solution that seamlessly integrates multiple AWS services.

Amazon Bedrock

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 containerised 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.

The statement said Binance has improved the user information recognition rate to 95 per cent, reduced optical character recognition (OCR) costs by 80 per cent, 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, Binance said the implementation of Amazon Bedrock on Binance’s GenAI-powered chatbot has shown promising initial results.

It said by clarifying user inquiries and generating high-quality answers during interactions, Binance has achieved a five per cent improvement in Bot FCR (First Call Resolution) across user scenarios that leverage GenAI applications.

"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," Chief Technology Officer at Binance, Rohit Wad, said adding that;

 "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."

Building on this success, the statement said Binance plans to extend its 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," Director of Cloud and AI Innovation at AWS, Arni Raghvender said.

"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."