Importance of Excel in Banking System
1.
Data Entry and
Automation
- Banks
make their money from accurate record-keeping of financial assets. By
using several features in Excel, including entering formulas once and
cutting and pasting to new cells, and making cells with formulas that are read-only,
Excel greatly reduces the time to make those records and the likelihood of
errors.
2.
Banking
Related Excel Functions
- Excel
has a number of functions that are designed around invoicing, such as
DATE, and EDATE. These functions allow banks to track when payments are
due on loans and when to send out statements. They also can be used to
track maturity dates on certificates of deposit.
3.
Platform For
Customized Applications
- While
Excel's functions (like EDATE) are very flexible, Excel also comes with Visual
Basic for Applications, which allows automation of routine tasks, such as
end-of-business-day copying of data from workstations to a centralized
accounting checkpoint. Most banks have built thousands of macros and
customized programs on top of Excel's functionality, which would cost
millions of dollars to replace if they were done again from scratch.
4.
Analytical
Data Presentation
- It
helps for data analysis of banking-related ratios and other information.
5.
Build great charts of interbank
information comparison
·
Excel allows business users to unlock the potential of their data,
by using formulas across a grid of cells. Data is inserted into individual
cells in rows or columns, allowing it to be sorted and filtered, and then
displayed in a visual presentation. Using pie charts, graphs and clustered
columns adds meaning to data, which otherwise may just exist as row after row
of numbers. These visualizations can add extra emphasis to business reports and
persuasive marketing material. Excel recommends charts most suitable for the
type of data being presented on the X and Y axis.
5.
Use
conditional formatting
·
Excel users can format their spreadsheets using different color
shades, bolds, and italics, to differentiate between columns and bring the most
important data to the fore. This function could be useful when presenting
accounting information, such as the pre-tax profit and the balance being
carried forward by the company. Users can select an appropriate coloring
scheme via the Quick Analysis button, and then by utilizing the Formatting tab.
6.
Help identify
trends
·
When presenting data in the form of charts or graphs, it can be
helpful to include average lines, which explicitly detail the key trends
emerging from the information. This may help demonstrate the key points to
other users in a straightforward manner - for instance, an executive from a
different department during a board meeting. Excel allows trend lines to be
extended beyond the graph, to offer predictions of future activity - and such
forecasts can help businesses develop their future strategy.
7.
Bring data
together
·
Excel can be used to bring information from various files and
documents together, so that it exists in a single location. As well as raw data
and information from other spreadsheets, it is possible to import text and
images. Other objects can be added using the Insert tab, or additional
spreadsheets can be added to the file.
8.
Online access
Excel is
available as part of Office 365
Business and Office 365 Business Premium. This means business leaders and
employees have access to the program from a range of devices, from almost any
location. Providing they have a web-enabled PC, laptop, smart phone or tablet
it should be possible to access Excel, making remote and mobile working viable.
9.
Research analysis
Excel can be
of a great use in research analysis, data collection and interpretation . It
provides enormous capacity to do quantitative analysis, letting you do anything
from statistical analyses of databases with hundreds of thousands of records to
complex estimation tools with user-friendly front ends. And unlike traditional
statistical programs, it provides an intuitive interface that lets you see what
happens to the data as you manipulate them.
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