From financemagnates

Binance added generative AI technology to its services in collaboration with Amazon Web Services (AWS). The exchange mentioned that this initiative aims to improve onboarding and customer support processes.

According to the official announcement, Binance will now use AWS's generative AI services, including Amazon Bedrock and Amazon Elastic Container Service. The collaboration reportedly aligns with the exchange's objective of combining blockchain innovation and cloud computing.

AWS Generative AI

Amazon Bedrock will serve as the AI basis, reportedly enabling Binance to access foundational models and deploy AI-driven applications that improve its processes, including user verification.

The initiative specifically targets the cumbersome onboarding process. Binance's new AI-powered Know Your Customer system reportedly populates user information automatically, performs proof of address checks, and reduces the need for manual World-Check case reviews.

Commenting on the agreement, Rohit Wad, Binance’s Chief Technology Officer, mentioned: “AWS’s comprehensive cloud services enable Binance to continue its ongoing commitment to ensuring user-centric services are supported by operational excellence and customer satisfaction.”

“By integrating AWS’s suite of cloud technologies, including cutting-edge generative AI capabilities, we are not only streamlining our operations but also setting new standards for efficiency and reliability in the blockchain and cryptocurrency industry.”

Amazon and Crypto Innovation

Amazon Bedrock also enables Binance's new AI-enhanced chatbot, which is designed to answer user queries. According to Binance, the chatbot's ability to provide instant answers and resolve concerns reflects the potential of AI to optimize real-time customer support in the cryptocurrency industry.

AWS's suite of services, including Amazon CloudWatch and AWS Lambda, is pivotal in Binance's move toward automated system diagnostics and troubleshooting. The new agreement is part of Binance's collaboration with AWS, which utilizes cloud-based AI solutions to enhance efficiency in the digital space.

Last month, Binance unveiled a new solution targeting wealth managers. This solution allows wealth advisors to integrate cryptocurrency into their services, offering high-net-worth clients a specific approach to exploring digital assets.