How investment services can use Excel to work efficiently

Transcript: In this video I'm planning to do and show some of the financial functions that are available in Excel and I'm using Excel 2013 and this is part of that series but I'm also going to add this video as part of my 2007 and 2010 excel as the steps are very much the same so this will be just a nice little introduction to all the types of financial functions which are available and we'll try to look at some of the important one so the first one I want to talk about is called the future value function is called the FV now anytime you wanted to start the functions you can go to the formulas tab look in the financial section and in here you can start seeing them and anytime you had a question just point to it and it should give you an explanation of what that function does so if I scroll down I should see in the alphabetical order fwee and when you point to it if save returns the future value of an investment based on periodic constant payments and a constant interest rate so you want to figure out like what... See more →

Key quotes:

• "Whilst it seems business has entered the age of AI, big data, and distributed ledgers, the reality is that for many finance teams digitalization looks like: AI = Excel macro, big data = pivot table, and distributed ledgers = linked Excel books."
• "Companies are moving fast at digitalization of their products but their processes, especially in finance, need to catch up."
• "For example, while Adobe launched Sensei (an AI tool that can automate the analysis of images, text and more), Adobe’s CFO, Mark Garrett, recently shared his frustration with how much time his finance team spends crunching numbers in Excel for financial planning and analysis."
• "The manual Excel solution may not be more efficient but it also requires no initial investment."
• "From my experience, most people in these situations default back to status quo and crank on with their Excel sheets, even though the digital solution would save countless man-hours in the future."

Key quotes:

• "Excel, and spreadsheets more generally, are the default behavior for managing personal finances."
• "Reminder: Envestnet acquired Yodlee for $660 million to get consumer data into its financial planning and portfolio management tools."
• "But this strategy can now be significantly undercut by the high tech firms (Microsoft, Google) that control the default financial management interface — the spreadsheet."
• "Does the bank still control the financial data of its customers, even when that data sits in a tech company cloud and is pulled into personal financial management spreadsheets on the tech company office software? Even more powerful, of course, would be to bring this financial data into the Google Pay wallet as well as its browser."
• "Having Google aggregate your net worth and enable you to take payment, savings, and investment actions from the interface from which you view the world is far more meaningful than squirreling away the experience in your bank account."
• "Imagine a Plaid extension in the browser that also allows you to take financial actions, like those powered by open banking APIs mandated by PSD2, across digital marketplaces."

Key quotes:

• "Take this knowledge and start using a customised Class Scheduling and Registration software package that will enhance your business and your bottom line."
• "This change doesn’t have to cost the earth with many class scheduling and registration software packages being found at reasonable prices."
• "This move will free up your valuable time and enable you to work on other aspects of your business."
• "Features such as an online registration and portal, automated invoicing and texting abilities will free up your time to focus on increasing your customer base and manage financials more accurately and efficiently."
• "Keep staff informed about schedule changes, class alterations, client payments and can communicate student progress and skills development with parents."
• "While your software package works out the admin for you, you can focus on building your business, investing your time in marketing or employing more staff."

Key quotes:

• "Robotics in banking & finance is primarily defined as the use of a powerful robotic process automation software to - RPA in the finance industry serves as a useful tool to address the pressing demands of the banking sector and help them maximize their efficiency by reducing costs with the services-through-software model."
• "Robotic Process Automation can enable banks & finance companies to reduce manual efforts, offer better compliance, mitigate risks, and enhance the overall consumer experience."
• "Robotic process automation (RPA) helps banks & financial institutions increase their productivity by engaging customers in real-time and leveraging the immense benefits of robots."
• "Implementing RPA in the banking industry gives an excellent opportunity to automate some of the critical banking tasks listed below - The volume of everyday customer queries in banks (ranging from balance query to general account information) is enormous, making it difficult for the staff to respond to them with low turnaround time."
• "RPA is already increasingly implemented by many banks and financial institutions as it automates manual, repetitive, and time-consuming tasks."

Key quotes:

• "Modern data processing is based on the backbone of MS excel spreadsheet and if the professional is skilled in handling the capabilities of the application, the chances of getting higher salary increase manifold."
• "Managers’ use excel sheet for generating reports in the tabulated and chart form to analyze the health of the company and marketing trends."
• "Microsoft Excel is used to filter out information from the financial statements of the company to conduct transaction analysis and examine leveraged buyouts."
• "One of the most important functions of the top notch professional is to create financial statements to monitor the profitability of the business."
• "If you are skilled in handling the application, it is quite easy to analyze the market survey data in detail."
• "Furthermore, the professionals check the past and present data to identify the business trends in detail."