However popular Microsoft’s Excel is at banks, most bankers just use a fraction of the application’s capabilities. As data and predictive analytics become more popular, we still fall back on Excel as our go-to analytic engine. We chuckle when banks talk about using “artificial intelligence” when they are not using even the most basic statistical functions of Excel.
If you are a banker, the public expects, rightly or wrongly, for your spreadsheets to be as tight as your bank vault. The spreadsheet is our stock and trade, and just like no one likes having an unhealthy doctor, no one wants their banker to have a spreadsheet with bad colors, random decimal places and no version control. Over the past several years, we have seen a steady deterioration in spreadsheet quality, and it’s time to turn things around. If you are new to banking, consider this the minimum level of performance.