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Why Python replaces Excel in banking - wavic - Dec-08-2019
Here is why: https://news.efinancialcareers.com/us-en/3002556/python-replaced-excel-banking
RE: Why Python replaces Excel in banking - jim2007 - Jan-28-2020
All that means is that in one limited area of banking Python is being used. That is very long for claiming Python is taking over from Excel, it simply is not nor will it ever. Excel is just an electronic version of a basic tool that has been used for literally 100s of years in accounting and finance.
RE: Why Python replaces Excel in banking - Larz60+ - Jan-28-2020
Quote:literally 100s of yearsYou meant to say 100's of accumulated years, right?
RE: Why Python replaces Excel in banking - jim2007 - Jan-29-2020
(Jan-28-2020, 09:35 PM)Larz60+ Wrote:Quote:literally 100s of yearsYou meant to say 100's of accumulated years, right?
Nope, the Italians invented double entry bookkeeping in the 1400s and we’ve been using some form of spreadsheet ever since. Spreadsheet programs are popular because they automated and extended a process that was already there. The vast majority of spreadsheet users don’t write complex macros or anything like the used it to record and validate data - simply math, no more.
Over the past thirty years I’ve worked on countless projects to automate accounting/finance/banking processes. And we still employ armies of clerks in accounting. The business has got more complex and there are always issues to be investigated, so we hire non graduates armed with spreadsheets to do it. And I doubt very much people capable of coding want to do this work - do you really want to spend your week trying to figure out why Joe’s invoice was off by 11c and know the week after you are going to get to investigate why Sally’s salary was off by $1?
Python has the potential to replace the perhaps 10% of complex spreadsheets built by business professionals, but the spreadsheet will remain the work horse for most people working in that area.
RE: Why Python replaces Excel in banking - Larz60+ - Jan-29-2020
OK, but not literally excel.
RE: Why Python replaces Excel in banking - perfringo - Jan-29-2020
(Jan-29-2020, 01:23 AM)jim2007 Wrote: Python has the potential to replace the perhaps 10% of complex spreadsheets built by business professionals, but the spreadsheet will remain the work horse for most people working in that area.
If I could predict future I would be in Las Vegas right now. However, my prediction is that there will be significantly fewer people working it that area and majority of them are using something else than Excel (possibly Python). The fact of Excel ubiquity doesn't prevent 'invisible hand of capitalism' from doing it's job - ineffective is replaced by more effective. Horses were everywhere but still we have cars now.
RE: Why Python replaces Excel in banking - buran - Jan-29-2020
@jim2007,
In my workplace, when I joined the team like 13 years ago, colleagues from backoffice/accounting were using excel extensively and were double-checking certain calculations by hand on calculator. It took me some time to convince them that most of the tedious work they were doing manually in excel and then check some of the calculations can be automated with VBA macros. Then they become best friends with macros and started to ask to automate more and more of their workflow. Then I started to replace VBA macros with python, big part of the information that was in Excel spreadsheets moved to database, link different databases we are using (e.g. report using information from both the accounting software and the software for the portfolio and also information from Bloomberg). Some of macros are still in use but most of them are migrated to python. Overall the workflow runs smooth, faster and the productivity is increased. This is not to say that excel/spreadsheets are obsolete or due to extinction, but their role is diminishing. The speed of the process will depend on many factors, but there is clear trend that programming skills (not only basic computer literacy like working with Office package) are part of the job requirements and listed in the job announcements. Of course I don't mean front-office clerks/tellers, servicing the clients.
Not to mention that (even without python) accounting is no longer dependent on excel that much - with the use of specialised accounting software, ERP systems, etc. Like the excel replaced the accounting calculators or financial calculators used for financial calculations it will be replaced sooner or later.
Because I also work as freelancer, my observations confirm that many projects/task that in the past would have been implemented/had a requirement to be implemented in excel, now require python or require to be implemented as web applications.
Like the old saying in the markets/invetsments goes - 'The trend is your friend', adapt, don't resist :-)
RE: Why Python replaces Excel in banking - Larz60+ - Jan-29-2020
when I started programming 52 years ago, we didn't have excel, cell phones, hand held calculators, static or dynamic RAM, Integrated Circuits (there were a few very basic ic's,like single NAND gates but only research labs could afford them). Accounting was done with leased General Ledger software. I've watched it all, and became part of the microcomputer scene in the 1970's. It's been a great ride.