T8 Webware has changed its name to Banno, a moniker picked up from the CEO's son during the recession in 2008.

The Cedar Falls, Iowa, provider of mobile apps, websites, account aggregation and personalized payment cards to more than 300 credit unions and other financial institutions is headed up by Wade Arnold, who said “Banno” was the name of his young son's imaginary friend.

The boy advised his dad to ask “Banno” for advice while figuring out how to juggle family finances. It's now the new name of the company, chosen to reflect the firm's broadened focus on the digital channel, Arnold said.

“Banno is not only our company name, it is the story that drives us,” Arnold said. “Everyone has a Banno moment when they wish they had a clear understanding of their entire financial picture. As a company, we assembled a team that was passionate about solving this problem.”

New solutions include Grip, a financial decision support tool introduced at FinovateFall 2011 that the company said is now in beta testing and expects to introduce during the next six months.

The company also recently expanded its Des Moines operation to accommodate an expected 20 employees there. Sixty people are now employed in all by T8 Webware, T8 said.

“Look for many exciting and innovative solutions to come from us in the future; we have just begun to scratch the surface,” Arnold said. The company changed its name to T8 Webware from T8DESIGN in 2009.