MS Excel: Is it Still the Best Program for Banks to Rely Upon ?

Microsoft Excel: this is perhaps the most fundamental computer program used for accounting and financial services. Over the years, this software program is known to be used in the banks for quicker responses to its customer and client needs, to have better knowledge of financial assets status which allows a banker to service more clients with less work.

Launched in the year 1985, it has grown exponentially to become arguably the most relied, known, familiar program in the banking sector. But, with the changing times, availability of much cutting edge software and rapid digitization of the banking sector, is the teaching of Microsoft Excel’s at the private bank training academy in Delhi worth it? Let’s check out.

  • Finance and accounting- The industry of finance and accounting benefits the most from the Excel spreadsheets and the banking sector is no different. Advanced formulas in Excel have made humungous data and calculations so easy that it takes barely a few minutes to get the figures evaluated. While most users still use Excel t add, subtract, multiply, and divide a certain figures, MS Excel is equally handy software for advanced IF functions when coupled with VLOOKUP, INDEX-MATCH-MATCH, and pivot tables.
  • Marketing and product management- In the field of banking, there is quite a lot for the marketing and product management to contribute as well. The marketing and product professionals essentially do the financial analysis using spreadsheets, the banks targets the sales and market pattern which can in management of sales force and plan future marketing plans based on past results.

  • Human Resources Planning- While database systems like Oracle (ORCL), SAP (SAP), and Quickbooks (INTU) can be used to manage payroll and employee information, exporting that data into Excel allows users the banks to discover the trends, summarize expenses and hours by pay period, month, or year. It can also be a reckoner for the banks to understand how the workforce is spread out by function or pay level. HR professionals can use Excel and create a detailed spreadsheet to plan the costs, and how to best plan and control them for the future.

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The bottom line

So if there is anyone casting their doubt on whether MS Excel is still relevant must know that it is here to stay in the banking sector and that its utility has not dipped even now. It is primary software which has not lost its feasibility and the students of the short term course for banking jobs too must be taught about it.

Banking is definitely a lucrative career option but one cannot merely tinker with the idea of joining the same. A sizable number of students willing to make a career in banking are from the field of management and even engineering. Since the competition level has gone high, it is advised that the students enroll themselves in various banking courses in academies like the assk academy of business management which fine-tunes the students and make them industry ready.

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