branding through banknote

Branding Through Banknote – The Indian Challenge

N. KRISHNASWAMY 1/15

Branding Through Banknote

- The Indian Challenge

Submitted in International Conference on

Managing Design in Global Environments

Organized by Korea Institute of Design Promotion

In collaboration with Design Management Institute

November 30, 2007, Seoul, Korea

By N. KRISHNASWAMY

[email protected]

November 18, 2007



CONTENTS Page 1 India 3 2 India – The Persona 3 3 India – The Brand 4 4 Banknote 5 5 Banknote – The Worldover 6 5.1 United States of America 6 5.2 European union 7 5.3 Switzerland 7 6 Current Indian Banknote 8 7 Branding Through Banknote – What They do

the Worldover 9

7.1 Switzerland 9 7.2 Denmark 10 7.3 European union 10 7.4 South Africa 10 7.5 United States of America 11 8 Branding Through Indian Banknote 11 8.1 Brand Vision 11 8.2 Brand Values 11 8.3 Brand Features and Attributes 12 8.4 Expected Brand Benefits 12 8.5 Extended Benefits 12 8.6 Bringing the Brand to Life 12 8.7 Emotional Personality of the Brand 12 8.8 Brand Promise 12 9 Conclusion 13 10 References 14 11 Acknowledgements 15 12 Notice 15



Branding Through Banknote – The Indian Challenge 1 India India is a millennia old civilization. It has a population of more than a billion people. India speaks more than 550 languages, reads and writes dozens of languages. It is the birth place of Hinduism, Buddhism, Sikhism and Jainism. India is considered the spiritual repository of the world. Yoga and Ayurvedha have originated in India. India invented the dynamic number zero, which laid the foundation of the binary system of counting that present day computers depend upon. It is the country, which has and produces the largest number of engineers, doctors and accounts professional.

India with its exceptional GDP growth has become the world’s fastest growing free market democracy. India is one of the largest food producers. India is fast establishing itself as a global manufacturing hub. India’s service sector is growing at a rate of 7% accounting almost half of GDP. Indian multinationals are on a global shopping spree for companies. India is likely to emerge as the largest consumer market in the world. India is receiving enormous amounts of Foreign Direct Investment in virtually all sectors. India’s capital markets are not only bullish but one of the best managed and best performing. Indian entertainment and software industry are the new showpieces. India is developing more efficient corporates, healthier banks, more robust service industries and bigger consumer base than its nearest rival the China. In short India has a rich heritage and is emerging as a knowledge society. 2 India - The Persona India adopted a great innovation by Mahatma Gandhi in the form of ahimsa and satyagraha to obtain its freedom. India has been never been averse to welcoming ideas and peoples from outside. India has



not only assimilated many ideas, cultures and technologies after shaping them to suit its genius and environment but gone abroad and disseminated its culture.

India was able to launch green revolution at a time when experts had all but given up on the country ever-becoming self sufficient in food. In the field of space technology India started from scratch to have today a system of satellite based communication linking remote regions of the country.

Indians not only have a great learning capability but most have an entrepreneurial and competitive spirit. India has abundant supplies of ores and minerals. It has a vast coastline. It has abundant sunshine with varied agro-climatic conditions - almost a microcosm of the globe, from arctic cold to tropical green to bare deserts and plenty of rainfall,

There is no other country with as much diversity that has been as committed to democracy since its inception as India. In this beginning of the twenty-first century, India’s reputation as a democracy and as an emerging global economic power is at its peak. 3 India - The Brand A country is like a brand because it has a reputation. That reputation partly determines its success in the international domain and among its citizens. This tells upon its ability to compete for its share of tourists, investments, consumers and attention and respect of media. This is significantly determined by the power and quality of its image. Hence branding India is not a choice but a necessity. India can be looked at as an entity, very broadly can be clustered as having the following characteristics. It is multi layered by religion, by caste, by culture, by language, by geography and by income. It is a constantly



evolving proposition with a widely varying diaspora of population, which makes it a challenge. The constancy of its evolution, transition and transformation on various attributes is mind-boggling. India in the past 15 years has grown by leaps and bounds. The income levels of the people have gone up. Spending propensity and purchasing power has increased. India would be adding nearly one France every three and a half years and one Australia every year.

Gone are the days of yore when India was known as the land of snakes and snake charmers, of tigers and elephants, of ancient tribes and even more ancient customs. India has to contextualise its position of a dirt poor England whose greatest achievement was to trade with a hugely wealthy India, just before three centuries. The world is now looking at a resurgent India, an economic and military powerhouse striding firmly and surely towards its rightful place under the sun. The journey towards becoming a global powerhouse is actually the outcome of conscious choices that had been made in the spheres of economic and social policies. India certainly deserves a stronger global branding than the one it has achieved so far. 4 Banknote Currency or banknote is the most popular and recognized word amongst all people. It is the one that elicits almost similar response in the mind of each and every individual. Banknote is the most vital instrument in international and intra national trade and economic and social relations. It is truly the greatest economic invention of the human kind. This is the stuff that makes dreams come true! The history of money manufacturing is fascinating. The invention of this abstract good germinated comparatively early in the fourth millennium in Mesopotamia. The Chinese, the inventors of paper money even toyed with the idea of abandoning it. It has evolved over



centuries taking different forms and shapes to its current status and form. It is the single most important element of a country’s veritable economic activities. There is no doubt that the production of banknotes in all its fascinating individuality represents a symbiosis of precision, high technology and aesthetics. Security aside, banknote also has to satisfy aesthetic demands. The value of banknote is not just measured in numbers. Banknotes are the calling cards of governments, even the bearers of subtle political messages. Business travelers and tourists size up the unfamiliar paper money in their hands upon arrival abroad, unconsciously getting their first impression of the unknown that awaits them. In many countries banknotes have become the symbol of national identification and an integration factor. The greatest aesthetic, artistic and technical care is lavished on their preparation for this reason as well. Banknotes as symbols of issuing countries are also regularly examined by the central banks for their physical condition. Even the health of the banknotes, their hygienic conditions is tested continually in secret laboratories. Willful destruction of banknotes are considered a punishable offence, is sacrilege and an insult to the national pride. The life of banknote the worldover is continually declining due to the frequent change of banknote designs due to perceived threats. 5 Banknote - The Worldover 5.1 United States of America The United States of America’s Dollar is in existence for over 150 years and had undergone little or no change in that entire history in its look and feel. Though they started making modifications by introducing background quite recently, it maintains its light yellow colour ragged paper intaglio printed with patented green colour. All denominations of the US Dollar are of the same size and all the US Dollars, printed and issued at any point of time are valid currency and



at no point of its history United States of America withdrew any denomination from circulation. The reputation of yellow tinged greenish US Dollar as currency not only represents the super power status of USA but whoever carries it feels proud of possessing one piece of the ‘world currency’. They depict a famous landmark building on the reverse and a famous leader on the obverse on each denomination which vary for each denomination. Their design elements are orthodox and steadfastly maintain continuity in the visual appearance. The challenge of counterfeits has made them take a second look and introduced other colours discretely. Still their new Dollar notes do offer visual continuity. 5.2 European Union The Euro banknotes introduced in January 1, 2002 are in fact positioned as world currency competing with US Dollar. Over the past few years it has made considerable progress in that aspect. They vary in sizes and are coloured from grey, red, blue, orange, green, yellow-brown and purple. They depict bridges, windows and gateways, which are modeled on each period rather than specific structures. They are meant to represent a period in European history by using a stylized representation. The launch of Euro is one of the most elaborate and important point in the history of world banknotes. 5.3 Switzerland The banknotes of Switzerland are reputed for their aesthetic value, modern concepts of design, high end production systems and their sophisticated style. Their latest series of banknote were issued between 1995 and 1998. They have become the reference point for many techniques in banknote design and production all over the world. Their colours and their presentation are beyond compare. They enhance the trust and fidelity of the international community on its



Franc, thereby reiterating the standing of Switzerland as a modern but reliable and trustworthy banker of the world. On the other hand many countries issue banknote as which are designed by the large multinational banknote design and production plants with or without mentionable aesthetic qualities. 6 Current Indian Banknote The current series of Indian banknotes are primarily distinguished by their feel of colour. They range from bright green, brownish orange, orangish red, bluish purple, greenish blue, greenish ochre to yellowish red. These banknotes have motifs starting from tilling tractor, wild animals – tiger, elephant and rhinoceros, Indian coast, parliament of India, mountain ranges, march of the freedom fighters, oil rig, satellite, bunch ready harvest grains and lady at computer monitor. They have the intaglio printed portrait of Mahatma Gandhi. These banknotes also have elements of designs which are neither contemporarily Indian nor traditionally Indian adapted to banknotes. They are a sovereign instrument of a sovereign nation and they have withstood the challenge of counterfeits. India banknotes also have the reputation of not being withdrawn from circulation for ignominious reasons as many countries had. They were international currency even when India was under the rule of British. They have not regained the aesthetic and economic status of a true Indian banknote representing the emerging India. They still remain as pieces of assemblage, serving economic needs of its society and the international trade. They have still not been considered as symbol or representative of a continental nation in its presentation. It is not produced to show its might and it is a hugely functional banknote. Its power or brand status still not does not match with its intrinsic monetary value. But they are strong and long lasting and have an integrity reinforcing the faith and trust of more than a billion



population and international economy. India has opened its first currency museum only recently though it has centuries old history of minting of coins. While the US produces only about 9 billion banknotes a year India churns out nearly 14 billion pieces in the same period. India is the second largest producer of banknote in the world. 7 Branding Through Banknote – What They do the Worldover 7.1 Switzerland The Swiss National Bank started with a news conference with justification for issuing new series of banknotes in February 2, 2005. It stated that “the public is more interested in the theme and design of new banknotes than in the security technology. For one thing, the motifs must be easy to perceive and remember. For another, banknotes serve as a kind of national showcase. The visual appearance of our banknotes must both satisfy aesthetic requirements and convey values that represent our country and that are shared by the Swiss people”. The governing board of the Swiss National Bank upon consultation with several design and communication experts “decided on the theme ‘Switzerland open to the world’ to represent Switzerland in its entirety, the focus should not be on individuals, inventions or achievements”. Six topics are chosen for depiction and will be assigned to one denomination each.

A competition for ideas was called for and the first criterion is that the competitors are not older than 45 years of age. A banknote seminar would be held for the prospective designers to expand their knowledge on the subject matter. The jury for selection of the banknote designs selected three proposals. The three design proposals were developed further by banknote design specialists and



in 2007 February it was found that the second price winner’s designs adopted well for production. 7.2 Denmark Denmark is going to have new banknotes and the national bank arranged a competition among eight artists who were asked to do a draft. The bank chose two proposals that will be adapted to the specific security needs of the banknotes. One of the proposals was found to be “more classically cool” and the other one “very contemporary both in colour, content and form”. The second one which is more abstract and radical is considered “bold and typical of our day that it would be a strong statement”. Still the process is on. 7.3 European Union The introduction Euro preceded by a competition among around 2000 selected individuals throughout Europe. Two groups – professional money handlers and members of the public were interviewed on the basis of a detailed questionnaire; they examined all ten design series. On the basis of the advice given by the jury and the results of the survey, the EMI Council selected the winning design. In fact Euro is up for another design change and the task is already on. 7.4 South Africa The South African government and South African Developing Countries conducted a competition to present new designs for banknotes. This annual competition, organized by the South African Bank Note Society and hosted by the South African Reserve Bank, aims to get proposals of banknote designs that might be used as a reference when official note are designed. Many colleges and its students of design and communications participate. The challenge was to design an aesthetic and timeless as well as functional and politically correct banknote – while keeping technical specifications



and security features in mind. It is also essential that the imagery that communicates over race, culture, age, gender and class. Creativity, innovation and designs that will unify its users were the most important criteria. Everything has to symbolize something on the banknote and no frivolous prettiness allowed on this precious commodity. The judges were experts from the design industry. 7.5 United States of America On the other hand the United States for revising its banknotes set up a multi faceted committee consisting of members from as varied as aircraft industry to the university department of agriculture. Though the committee is multi faceted and made from varied professions it is bureaucratic and private participation not allowed in design. 8 Branding Through Indian Banknote As Swami Vivekananda the great Indian religious philosopher said, “Look back, therefore, as far as you can, drink deep of the eternal fountains that are behind and after that, look forward, march forward and make India brighter, greater, much higher than she ever was”, India should look back upon its art and craft treasure troves of centuries with a contemporary vision to develop its banknotes which are Indian and modern. Indian banknotes should instill power and respect for the country they represent. It should be aesthetically exemplary so as the banknotes and numismatics connoisseurs love and behold them. 8.1 Brand Vision A strong and emerging super power and aspiring world currency matching its share of the world economy and intellectual and moral standing which is aesthetically pleasing and projecting a strong currency. 9.2 Brand Values



Assimilation, appreciation, acquisition, tolerance epitomizing unity and diversity, resilience and permanency which are the core values of the country should form the basis. 8.3 Brand Features and Attributes The product which carries the brand itself has its intrinsic worth, which is backed by a sovereign democratic multi dimensional republic. It has for over six decades served one of the largest populations of the world with highest levels of integrity and confidence. The casual and functional look is what which is being aimed for disposal. 8.4 Expected Brand Benefits The value of product to increase more than its face value. The country which it is going to represent is reflected in all its thousands of years old glory. Let it be the harbinger of the emerging India. 8.5 Extended Benefits The brand value extents its benefits to the beholder within and outside the country. It is to set itself and stand apart from competition giving pride to the owner. 8.6 Bringing the Brand to Life Use all the resources at its disposal like the talent pool of designers, treasure trove of architectural and artistical skills and ready references. Utilise the accumulated knowledge, wisdom and experience of life of the nation to give life to the banknote’s look. Know and assimilate the strengths of the nation. 8.7 Emotional Personality of the Brand Evoke the giant elephant, which is known for its wisdom, patience, hard work, perseverance, memory, longevity, adaptability and unity. 8.8 Brand Promise



Build on existing strengths and future power. Flex the muscle but gently, assert India but in a soft manner. Assure the owner of the confidence the strength and power give.

In short Indian banknote need to evolve knowing the context and conceptualize accordingly. It should build upon its strength of human resource and adapt to the emerging global scenario. Dhaka the then Indian city boasted 25,000 weavers and 80,000 women thread makers more than 200 years ago. That’s how its fine muslin – an entire sari could be slipped through a woman’s wedding ring, it was said – made Dhaka world famous. In fact, it is essential that the Indian banknote should form the essence of the future aspirations based on the country’s heritage with a long-term vision representing the vast and varied pluralistic multi layered society. The above is not all-inclusive and complete but only a basis to start with and an approach to revamp the Indian Banknote’s look and aesthetics. Therefore models of brand management and other issues that may apply in less heterogeneous or less democratic societies cannot be transposed into India and India has to find its own solutions to fit its needs. 9 Conclusion The ambitions of having a globally revered banknote for India should be based on audacious dreams, which are thoughtfully conceived and strategically worked out. What India does not have is the luxury of too much time. Though the branding India through banknote may not be complete, up-to-date or even very fair, India needs to have twenty-first century banknotes matching its stature as an evolving global power, the stature which is its rightful due.

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Conference on Marketing & Society, IIMK, 8-10 April 2007.

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India Fastest Growing Free Market Democracy, India Brand Equity Foundation, 2004.

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http://www.ecb.int/bc/faqbc/design/html/index.en.html#q2

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ACKNOWLEDGEMENTS

The author profusely acknowledge the opportunity given by my employer Bharatiya Reserve Bank Note Mudran Private Limited, and the support and guidance received from my superiors Captain. Shri. Madhav Rao, General Manager; Shri. A. C. Jolly, Deputy General Manager and Shri. M. R. Mohanty, Deputy General Manager. I also gratefully thank the words of encouragement received from Captain. Shri. Madhav Rao and Shri. M. R. Mohanty.

I pay my indebtedness to many of my colleagues at different levels in the industry who have contributed at different points of time with their inspiring interactions.

The typing work done for the summary by Miss. Jisha is duly acknowledged.

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NOTICE

The opinion expressed in this paper are author’s personal views only and do not represent the views of the organisation he works and this paper in no way represents the organistion.

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