Binance to Boost User Experience with AWS AI

The world's largest exchange is deepening the integration of AI into its platform. On Thursday, October 31, Binance announced it will leverage

Binance, the world’s largest crypto exchange, has announced a new partnership with Amazon Web Services (AWS) to enhance user onboarding, Know Your Customer (KYC) processes, and customer support through the integration of AWS AI models.

According to a press release shared with CryptoSlate on October 31, this collaboration aims to streamline user experiences and improve efficiency across various touchpoints.

Upon uploading their documents, AWS AI will automatically extract and fill in relevant user details during onboarding, reducing the need for manual entries and enhancing accuracy.

Additionally, an AWS-powered AI chatbot will assist customer support agents in resolving queries efficiently.

Promising results have already been observed during trials, with a 95% Information Recognition Rate achieved, indicating the AI’s ability to accurately process information in the majority of cases.

Furthermore, the integration of AWS AI has led to a significant reduction in Optical Character Recognition (OCR) costs by 80%, rendering the process of reading and converting scanned images more efficient.

At the same time, the time spent on manual checks has decreased by 30%, boosting overall efficiency.

This integration also benefits users by providing a more reliable onboarding process and robust customer support.

For instance, the approval rate for proof-of-address submissions during onboarding has increased by 6%, while the first-call resolution rate in customer support has risen by 5%.

Commenting on the partnership, Rohit Wad, Chief Technology Officer at Binance, said, “Our partnership with AWS is not just about reducing costs; it also helps us further our goal of providing secure and reliable services to our users.”

The integration of AI technology into Binance's platform is part of a broader effort by the exchange to enhance the user experience and efficiency of its operations.

In recent months, Binance has also rolled out its own AI-powered NFT generator, Bicasso, and announced plans to burn BNB tokens using a new AI mechanism.