The new software application, known as Money in Excel, is going to be developed by Microsoft in collaboration with Plaid – a FinTech start-up based in San Francisco – to enable users to automatically transfer their banking transactions into the personal finance tool.

The Money in Excel app will allow users to keep track of their spending habits; managing, tracking and analysing their money all within the space of the Excel spreadsheet application.

Through Plaid Link, the financial accounts will be connected to Excel, where users can then securely import transactions and account data into the platform. The application is compatible with more than 11,000 financial institutions across the US, Canada and Europe.

It was reported that “Monthly Snapshot” sheet will enable users to have personalized charts and graphs based on their financial data to help them better understand their spending habits. Users can also customise a template based on their preference.

According to Tech Radar, Plaid says that in the US it supports nearly every institution from the major retail banks to community credit unions. At the initial stage, the application will be exclusive to Microsoft 365 subscribers in the US.

What do we think?

Microsoft Excel is one of the most powerful software applications out there. It can be used for anything and everything, from calculation, graphing or even painting! With more than half a billion people all over the world using Excel for various purposes, it is certainly a brilliant move by Microsoft to offer access to financial services to users through their platform, and given how flexible the application is, the potential is limitless.