Excel is the most widely used financial services software - but it needs to be strictly governed.
The core issues with spreadsheets is the lack of control, they can and do spawn a lot of errors. But used in a controlled manner, spreadsheets can contribute more and at less risk.
Spreadsheets needs to be assessed for criticality, purpose and control. Where spreadsheets outputs are financially/operationally material, then they have to be rigorously tested and locked-down.
Every firm needs detailed and appropriate spreadsheet standards which have to be implemented, monitored and managed.