Spreadsheets have served the industry well, but they’re beginning to show their limits. As banking and investment operations grow more complex and expectations continue to shift, traditional tools are struggling to keep up.

To meet new expectations around accuracy, speed, and oversight, many institutions are rethinking their foundations. A wealth management platform provides a more structured, scalable way forward, offering the control needed to move beyond manual processes and fragmented files.

‍

The Hidden Costs of Spreadsheet Dependence

Spreadsheets are often seen as a low-cost solution, but the reality is more complicated. Manual workflows increase the risk of errors, slow down decision-making, and make it harder to maintain oversight across portfolios.

For banks handling diverse client needs and large volumes of data, even small mistakes can lead to compliance concerns, reporting delays, and reputational risk. These issues are especially difficult to manage when teams rely on disconnected files and processes.

Consider the risks:

• A 2024 study analyzing 35 years of spreadsheet use found that 94% of spreadsheets used in business decision-making contain errors.
• A recent data breach in the UK exposed the personal information of 10,000 officers, all due to a spreadsheet mistake.

Unlike a portfolio management platform, spreadsheets weren’t built for modern investment operations. They lack the scalability and built-in checks needed to meet today’s demands for accuracy, suitability, and speed. When financial professionals spend more time tracking down data than analyzing it, the cost is more than just time; it’s a lost opportunity.

‍

The Push for Modernization

Such inefficiencies tied to spreadsheets are prompting more companies and individuals to rethink their approach. What began as a practical tool for day-to-day tasks is now proving too fragile for the scale of modern financial operations.

This is especially true in the banking sector. As reporting demands grow more complex and data volumes surge, even smaller banks are moving toward more structured systems. Shifting away from spreadsheets in the banking as well as the wealth management industry is inevitable. Flexible files are just no longer enough when precision and speed are on the line.

The adoption of investment reporting software reflects this momentum. Platforms like Performativ offer a modern way to centralize data and reduce duplication. The result is faster, more consistent reporting, critical for navigating both regulatory expectations and internal decision-making.

A portfolio management platform provides the foundation to support that consistency. It doesn’t just streamline reporting; it creates operational clarity across teams and reduces the friction that comes from constantly chasing clean data. If banks are making the shift, it’s a clear sign that this approach offers real, scalable value.

‍

The Benefits of Modern Wealth Management Platforms

The move away from spreadsheets isn’t just about ease of use. It’s about removing operational friction, reducing risk, and creating systems that can keep pace with increasing complexity.

Institutions, as well as individuals who adopt a modern portfolio management platform, often see measurable improvements across several areas:

• Consistent, centralized data: Everyone works from the same, up-to-date dataset. This minimizes the versioning issues and reconciliation delays that are common with spreadsheets.
• Automated rules, alerts, and workflows: Built-in automation flags anomalies, accelerates reporting and reduces manual oversight.
• Customizable investment reports and dashboards: Teams can create tailored outputs without building them from scratch each time, streamlining client communication and internal reviews.
• Scalable architecture: As portfolios, asset types, and reporting demands grow, the platform flexes with them, unlike spreadsheets, which often break under pressure.
• Compliance support and audit trails: Systematized workflows and secure data tracking help maintain transparency across every stage of the reporting process.
• Real-time insight and visibility: Platform users can act on current data, not static snapshots, essential for staying responsive to a client or regulatory requests.

Find out more about what Performativ’s features can offer here.

These capabilities allow institutions to replace uncertainty with control. For firms managing complex portfolios across jurisdictions or asset classes, this shift is becoming more of a necessity than an upgrade.

‍

Real-World Examples of Banks Transitioning from Spreadsheets

Banks are no strangers to complex reporting and regulatory requirements. For years, many have relied on spreadsheets to meet those needs, but the limits are becoming harder to ignore. The shift toward more structured platforms is already happening, and it’s revealing what’s possible when manual processes are replaced with scalable, purpose-built systems.

1. European Bank Streamlines Data Management

A leading European bank significantly improved its client onboarding and reporting by adopting an application to replace spreadsheet-heavy processes. This transition reduced operational risk, improved data accessibility, and supported faster, more accurate decision-making.

Read more: Genesis Global Case Study

2. U.S. Bank Upgrades Its Wealth Infrastructure

U.S. Bank adopted an integrated platform across its Wealth Management division to improve internal workflows and the digital client experience. The initiative supported operational transformation and simplified how data was accessed and managed across teams.

Read more:  PR Newswire Article

3. First American Bank Modernizes Investment Communication

By partnering with a digital platform provider, First American Bank created a unified system for wealth advisors and relationship managers. This made portfolio data more accessible and improved the quality of investor communication.

Read more: Pulse2 Article

‍

From Spreadsheets to Strategy: Where Performativ Fits In

Banks are leading the charge, but the need to replace spreadsheets with smarter systems is just as urgent for investment and wealth managers.

Performativ offers a portfolio management platform built for clarity, control, and collaboration. Instead of relying on manual reports or static files, wealth professionals can access market data, customizable reporting, and automated workflows, all within a secure, audit-ready environment.

• Reporting no longer needs to be reactive. Performativ supports proactive monitoring with customizable rules and alerts that notify teams of issues before they become problems.
• Compliance and audit readiness are integrated, not added as an afterthought.
• Data from multiple banks or sources can be consolidated in a single view, eliminating the need to manually stitch together spreadsheets for reporting or analysis.

For everyone who wants to improve transparency, reduce reporting cycles, or simply get out of version-control purgatory, Performativ offers the same kind of transformation that’s already reshaping how banks operate.

‍

Final Thoughts

The continued use of spreadsheets in banking and investment management isn’t just a matter of habit, it’s a risk. As portfolios become more complex and expectations rise, manual workarounds are proving too fragile to scale. The institutions already making the switch to platform-based operations aren’t just modernizing; they’re setting new standards for control, consistency, and client trust.

For wealth and investment managers, the message is clear: spreadsheets may still work, but they’re no longer enough. The next step isn’t just digital, it’s deliberate. And the firms that take it now will be better equipped for whatever comes next.

Looking to explore what a modern platform could look like for your team? Learn more about Performativ or book a demo to see it in action.