The SHIME Skills Framework
Accessing the skills for the new finance
The rise of Fintech and the ongoing skills gap in the financial services is further widening as employers’ needs are constantly changing. Therefore, companies must find the best candidates with necessary skill sets to meet the rising demand for this innovative sector.
CFTE developed the SHIME framework following the analysis of more than 40,000 jobs in the digitally-evolving financial sector, to identify the combination of skills individuals and companies must have.
What is the SHIME framework?
The SHIME framework is a qualitative approach to identify the required skill set in Fintech and financial services. The framework is an acronym comprising the five types of skills: soft skills, hard skills, industry knowledge, mindset, and experience.
SHIME is job dependant
For example, an engineer in Fintech may need strong programming skills, while a product manager must demonstrate cross-functional collaboration and negotiation abilities.

A good understanding of the required skills is important for the candidates who want to apply, but also those who want to upskill or reskill to be relevant for a world of digital finance.
Let's dive in each skill in more detail...

Soft skills
These are human qualities that relate to a candidate’s interactions with colleagues, customers and overall management of work. While the general perception is that hard skills are important, soft skills influence the success and progression of a career in Fintech. They are the kind of abilities that, so far, artificial intelligence cannot be able to mimic in the environment.
An individual’s proactivity determines their application of these soft skills and overall value addition to the team and company they work in.

Hard Skills
Hard skills can be examined and assessed through an exam or project such as a programming language, e.g. Python or open banking regulations. Most emphasis is placed on acquiring and showing know-how in hard skills.Hard skills tends to be very specific depending on the jobs.
The hard skills of a data scientist will be very different than a product manager. This is why there are some hard skills that are useful for all roles (digital tools, finance) but some that are job specific

Industry Knowledge
Industry knowledge is required more for people with less technical skills, citing the need for those interested in Fintech to understand and clarify the nuances of the sector they wish to join as a start. The nuances in the Fintech industry require specific knowledge of the Fintech ecosystem, relevant financial regulation, and technical application know-how.

Mindset
A way of thinking reflected in one’s behaviour, such as adaptability or resilience. Fintech has grown exponentially from startups to large organisations, and thinking like an entrepreneur is the best way to summarise the mindset of Fintech. Having a learner mindset and adaptability are crucial to anyone working in the industry.

Experience
Experience is essential for Fintech. Entry-level jobs and internships are rare in Fintech, consequently making work duration and accreditations account for experience in Fintech. Accreditations accepted in Fintech vary from degrees in computer science for engineering to certified anti-money laundering specialist (CAMS) certificates for compliance officers.
How does the SHIME work?
Identify an ideal candidate in three steps.
1
Identify The Important Skills For Your Role
List each skill that is required for the specific role or position based on the company’s objectives.
In Fintech, professionals are expected to be more adaptable, collaborative and resilient to a fast-paced environment in the innovative industry. The attitude of thinking can shape one’s behaviour, and a good mindset enables people to think like an entrepreneur in Fintech.
2
Classify Each Skill Under Its Type Of Role
Allocate each skill type: soft skill, hard skill, mindset, industry knowledge or experience.
In Fintech, professionals are expected to have a strong Fintech acumen as the jobs are quite different from traditional financial sectors. In terms of hard skills, it depends on the specific role. For example, a programmer should be able to demonstrate coding and programming abilities, while data visualisation is vital to a data analyst. Industry knowledge is also crucial for those eager to participate in the Fintech industry.
3
Summarise The Ideal Profile
Based on the past two steps, you can draw a conclusion of the profile that bests fit the role.
In Fintech, while individuals need to demonstrate interdisciplinary abilities, people in different roles are required to hone skills relevant to specific positions. People need to be comfortable with ambiguity and always eager to learn a variety of skills and knowledge to adapt in this highly growing industry.
The case of Fintech
This is an example of how we use SHIME to identify a suitable candidate for an engineering position in Fintech.

SHIME can help...

Individuals
to identify their profiles and skills to find jobs
For Individuals, a better understanding of the industry and the job landscape of Fintech would help those in need of upskilling or reskilling to properly focus their efforts on what is required for their desired position.

Companies
to recruit and build talents
For companies, the Fintech jobs taxonomy and the SHIME framework can make the recruitment process more efficient and solve the mismatch issue in Fintech.

Governments
to align their programmes to feed the industry
Governments, regulators and policy-makers can benefit from aligning their training programmes to skills most in demand in the industry. This, in turn, ensures that the industry finds the right talents, which fuels its growth.

Individuals
to identify their profiles and skills to find jobs
For Individuals, a better understanding of the industry and the job landscape of Fintech would help those in need of upskilling or reskilling to properly focus their efforts on what is required for their desired position.

Companies
to recruit and build talents
For companies, the Fintech jobs taxonomy and the SHIME framework can make the recruitment process more efficient and solve the mismatch issue in Fintech.

Government
to align their programmes to feed the industry
Governments, regulators and policy-makers can benefit from aligning their training programmes to skills most in demand in the industry. This, in turn, ensures that the industry finds the right talents, which fuels its growth.
Conclusion
Adopting the SHIME framework can identify the ideal profile in Fintech effectively and efficiently as it can help analyse different capabilities in various aspects.
Hard skills are vital in the Fintech industry; however, recently, an increasing number of Fintech companies look for entrepreneurial skills in their candidates; and some tweak their evaluation process to focus more on soft skill performance. The key to success in Fintech is acquiring the abilities required in the position while expanding the knowledge base in different sectors.
Want to participate in the SHIME survey?
We are doing Fintech job skills research to identify the essential skills in finance to help the industry fill the skills gap! Click the button to start the assessment.
Ready to show your expertise?
We also created the SHIME skills assessment. Click the button to start the assessment!
For More Information...
Download our SHIME booklet now!

This illustrated book of the Fintech Job Report provides a lens into different job categories and the skills required in financial services. It also gives you insights into how the nature of skills is changing.
These are significant trends relevant to individuals, organisations, governments, regulators and universities.