The SHIME Skills Framework
In a world that Technology is disrupting Finance, realising your skills and identifying key skills in the industry is an exciting challenge.
CFTE designed a framework called the SHIME framework, incorporating soft skills, hard skills, industry knowledge, mindset, and experience, to help the industry identify key skills in finance.
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.
S
Soft Skills
H
Hard Skills
I
Industry Knowledge
M
Mindsets
E
Experience
Why SHIME matters?
Acceleration of the development in Finance
In the 2000s, finance was seen as a large industry that was largely immune to the disruptions. Covid was a major catalyst for the transformation, with 63% of consumers world-wide now using Fintech services. As a result, 5 out of 10 biggest financial services providers today are platform-based.
Due to these innovations, new players emerged, new activities were created, old roles were transformed or disappeared, and new roles appeared. New skills are therefore required to understand this new world.
SHIME can provide you an insight into:
- Identifying the essential skills in finance and skills you have acquired
- Thinking broadly of a wide range of skills to thrive in the financial industry
- Building an ideal profile with key skills for individual advancement
Ready to build your own SHIME?
Ready to access the important skills to thrive in the ever-changing financial industry landscape? Click the button below to build your own SHIME.
You can download a copy of your answer once completing the survey.
What are the skills in SHIME?
There are 87 skills across 5 different skills categories in the SHIME framework. Click the buttons below to understand the definition of soft skills, hard skills, industry knowledge, mindsets and experience.
S
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.
- Written communication
- Oral communication
- Presentation skills
- Empathy
- Friendliness
- Motivates others
- Social Intelligence
- Networking
- Knows how to influence
- Storytelling
- Cross-functional collaboration
- Coordination
- Teamwork
- Delegation
- Negotiation
- Analytical
- Problem-solving
- Critical thinking
- Decision-making
- Logical reasoning
H
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.
- Coding (Python, Java, C++, Solidity, PHP)
- Data structure (i.e SQL)
- Application of financial technology (i.e API, Cloud, AI)
- Web development
- Prototyping
- Financial markets
- Portfolio management
- Risk management
- Payment systems
- Financial regulations
- CMS such as WordPress
- HTML / CSS
- CRM systems
- Social media tools
- Digital tools such as Canva, Google Analytics
- Workflow programmes (Zapier / Airflow etc.)
- Computer Skills (Office Suite, CRM Systems)
- Business Development
- Project management
- Research
- Data analysis (R, MySQL)
- Data visualisation (Tableau)
- Data cleaning
- Data-driven decision making
- Test and learn
I
Industry Knowledge
Industry knowledge is essential in this ever-changing environment. For example, the nuances in the financial industry require specific knowledge of the Fintech ecosystem, relevant financial regulation, and technical application know-how, etc.
- Knowledge of Fintech industry
- Digital Assets (including Web3)
- Sustainable finance
- Trends of digital Payments
- Open Banking
- AI
- Cloud
- APIs
- Blockchain
- Payment infrastructure
- RegTech
- Insurtech
- Wealthtech
- BNPL
- Global trends
- Banking regulations
- Payment regulations
- Blockchain regulations
- Regulatory sandboxes
- Compliance
M
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.
- Can easily adapt
- Resilient
- Perseverant
- Takes ownership
- Deligent
- Reliable
- Forward thinker
- Customer-oriented
- Creative
- Can work with limited instructions
- Decides with limited information
- Comfortable with change
E
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.
- Phd
- Master
- Bachelor
- Specialised certification
- Experience in Tech company
- Experience in Fintech startups
- Experience in consulting
- Experience in regulators
- Experience in financial services
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.
SHIME Profiles (To be released soon...)
More profiles from CEOs, Product managers, Markers, Chief Innovation Officers and Engineers, etc will be demonstrated.
Benefits of SHIME
The key to success in Fintech is acquiring the abilities required in the position while expanding the knowledge base in different sectors and cultivating right mindsets and soft skills. Adopting the SHIME framework can identify the ideal profile in Fintech effectively and efficiently as it can help analyse different capabilities in various aspects.
Individuals
to identify their profiles and skills to find jobs
A better understanding of the industry and the job landscape of Fintech would help individuals in need of upskilling or reskilling to properly focus their efforts on their desired position.
Companies
to recruit suitable talents and build a resilient workforce
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 and ensuring the industry to find the right talents.
Explore CFTE reports on Jobs and Skills
The New Skills in Finance Report 2022
Get a comprehensive understanding of the current skills gap in finance and learn how to build a digital-resilient workforce in the industry.
The Fintech Job Report 2022
The Fintech job report highlights the key findings in the Fintech, the potential job roles, and relevant employability skills needed to aid with future job creation.
SHIME Illustrated Booklet
This illustrated book provides a lens into different job categories and the skills. It gives you insights into how the nature of skills is changing.
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.
