- Binance will leverage AWS services.
- AI will help with KYC and customer support.
- The new system shows promising metrics.
Artificial intelligence (AI) is rapidly finding use cases in all industries, and crypto is no exception. Binance, the largest exchange globally, has decided to leverage AI further to improve efficiency and user experience.ย
Most recently, Binance announced it will use Amazon Web Services (AWS) AI models in a range of services. This already shows promising results in user onboarding, Know Your Customer (KYC) forms, and customer support.ย
Binance to Boost User Experience with AWS AI
The worldโs largest exchange is deepening the integration of AI into its platform. On Thursday, October 31, Binance announced it will leverage Amazon Web Services (AWS) to make it easier for users to join and use its platform.ย
Sponsored
At the core of this effort is Amazon Bedrock, AWSโs tool that provides AI applications. Binanceโs onboarding and KYC will use this tech to automatically fill in user details from documents and check them for accuracy. This way, the company is making onboarding faster and more efficient. Binance will also use an AWS-powered AI chatbot for consumer support.ย
AWSโs AI features have already shown tangible benefits for Binance. For instance, the system has already achieved a 95% Information Recognition Rate, which means that the AI accurately processes information in most cases.
AI Helps Binance Reduce Costs, Improve Satisfaction
Trials have also shown 80% lower costs of Optical Character Recognition (OCR), meaning that reading and converting scanned images is more efficient. At the same time, the time spent on manual checks dropped by 30%, further improving efficiency.
This system benefits users by providing a more reliable onboarding process and more robust consumer support. For instance, the rate of proof-of-address approvals rose 6%, improving the onboarding experience. In customer support, AI helped Binance increase the first-call resolution rate by 5%, solving consumer issues faster.ย
Rohit Wad, Binance’s CTO, explained that the AWS partnership is not just about reducing costs. It also helps Binance further its goal of providing secure and reliable services to its users.ย
On the Flipside
- This is not the first time Binance introduced AI-powered solutions. The platform features an educational chatbot, an NFT generator, and more.
- Binance is not the only exchange leveraging AI features. In August, crypto exchange Coinbase unveiled its first โAI to AIโ crypto transaction.
Why This Matters
Binanceโs use of AI makes onboarding and consumer support easier, showcasing AIโs potential to solve real issues in crypto.
Read more about Binanceโs AI features:
Binanceโs AI NFT Generator Bicasso to Welcome 100K New Users
Read more about the latest accusations against MrBeast:
MrBeast in Trouble Over Crypto Pump-and-Dumps: New Evidence Emerges
