Binance partners with AWS to improve user experience with generative AI

Key Takeaways

Binance has partnered with Amazon Web Services to integrate generative AI for improved user experience.
The AI-powered KYC process has significantly improved recognition rates and operational efficiency.

Binance has announced a partnership with Amazon Web Services (AWS) to boost user onboarding, streamline customer support, and optimize internal diagnostics through generative AI technology.

The crypto exchange, which serves over 237 million registered users, has integrated multiple AWS services including Amazon Bedrock for AI capabilities and Amazon ECS for containerized service deployment.

The new AI-powered know-your-customer (KYC) process has improved user information recognition rates to 95%, cut optical character recognition costs by 80%, and boosted proof-of-address approval rates by 6% across 107 countries.

The system has also reduced manual World-Check case review time by 30%.

“By integrating AWS’s suite of cloud technologies, including generative AI capabilities, we’re streamlining our operations and setting new standards for efficiency and reliability in the crypto industry,” said Rohit Wad, Chief Technology Officer at Binance.

The implementation of Amazon Bedrock in Binance’s AI-powered chatbot has resulted in a 5% improvement in Bot First Call Resolution across user scenarios utilizing generative AI applications.

“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.

Binance plans to expand its use of AWS’s generative AI technologies and cloud services into additional areas, including customer service, compliance, and risk management.