Microsoft Excel and Word both have supported for many years an HTML document, including hyperlinks, that organizes the data in a table. Dynamic outputs such a file when you use that output option and it names the file with an .xls or .doc extension accordingly, so Window's file association can automatically open the file. At some point Microsoft decided it was a security risk and simply threw up a warning message. This could be turned off via a registry setting. (You can google how to do that.) As of Windows 10 they seem to no longer allow turning the warning message off. You can just dismiss the warning and answer you want to open the file anyway.

IMO Excel is not a good alternative UI to the browser for Dynamic AI reports. But if you want to manipulate the data in Excel -- then use Dynamic's 'CSV' output format -- or other types of delimited files that you can specify in design. IMO the only point of using Excel is to manipulate the data and therefore why would you want all the HTML formatting tags anyway?