Iowa company, T8 Webware, announced today that it has changed its name to Banno to reflect the company’s broadened focus on the digital channel.

It will be expanding beyond its first product, Grip (unveiled at FinovateFall 2011), and has plans to release additional products in the next 6 months.

Banno is not only growing its suite of solutions, but also its staff. In 2011, its number of employees grew by almost 30% and it plans to add over 20 employees in the next three years.

The unique name, Banno, comes from the imaginary friend of CEO Wade Arnold’s son:

“During a conversation of trying to figure out finances, Arnold’s son suggested he ask Banno, his imaginary friend. Asking Banno became the driving force behind Arnold’s passion to solve financial problems.”

This story illustrates the drive to have a clear understanding of finances and Arnold says its what drives the company.

To learn more about Banno, watch its FinovateFall 2011 demo.