The problem isn't Excel - it's lack of standards and precision in financial and business software. If you build a new ERP that replaces Excel, but lets users modify the algorithms, then you will have the exact same issue as you'd have with Excel. The slower adaptation to new processes and ideas is a good thing as it means that these new processes are going to be specced correctly and hopefully tested to some degree. It's not okay for a financial institution to save a bit of time and money on their software and put client's life savings and public tax money at risk.
Of course, this is all very idealistic, and I personally have no doubt that Excel spreadsheet hacks are here to stay. Idealism will always fall down if a few bucks can be made.