This is according to new findings from Sapio Research examining both consumer and employer attitudes towards AI across Europe.

The report surveyed 800 consumers and 375 business decision makers responsible for their finance department, with respondents from the UK, Germany, France and the Netherlands.

Sapio’s Finance Pulse 2024 Report revealed that 93% of organisations are aware that AI carries potential risks, with top perceived risks including data security (43%), lack of accountability and transparency (29%) and skills gaps for safe and effective use (29%).

However, despite high awareness of its potential pitfalls, only 46% of the businesses surveyed have formal guidance in place for the acceptable use of AI for employees at work.

In addition, less than half (48%) have restrictions on what data can be inputted into AI models and tools at work and less than two in four (38%) have any strict access limitations.

Andrew White, CEO and Co-Founder of Sapio Research, commented on the findings: “AI remains a top investment priority for businesses across Europe. However, its arrival and integration into the workplace has been fast, leaving some employers ‘in the dark’ about how their staff are using it, and many struggling to put the correct measures in place to govern it.”

The majority of businesses surveyed have plans to use AI within the next two years (75%). The use of generative AI is particularly pronounced in finance (63%) roles where it aids in the likes of fraud detection, risk management, and investment strategies. Roles such as human resources (28%) and sales (19%) are amongst the lowest users currently.

“Although the possibilities of AI are seemingly endless, businesses looking to adopt it need to proceed with caution. Our research highlighted that, despite high levels of AI adoption amongst European businesses, most also reported being ‘relatively early’ in their digital transformation journey.”

“Businesses adopting AI faster than their overall digital transformation run the risk of it fast-tracking through the backdoor and being used by employees without any formal training or guidance. This can lead to serious challenges for employers down the line when it comes to employee performance, data privacy, customer satisfaction, and more.”