July 10 - T8 Webware, the provider of progressive, custom-branded mobile applications, websites and personalized payment card services to more than 300 financial institutions, has announced its new name: Banno.
The name change better reflects the company’s broadened focus on the digital channel and positions it to introduce a suite of solutions that will focus on leveraging behavior-driven banking to change how products and services are offered and how the benefits of such channels are realized. The company’s financial decision-support tool, Grip, introduced at FinovateFall 2011, was the first in this series of solutions. Additional products, currently in beta testing, will be introduced over the next six months.
“We recognize that digital channels offer an exciting opportunity to better engage both consumers and financial institutions, and to facilitate decisions that benefit both,” Wade Arnold, CEO of Banno, explained. “The financial services industry has the infrastructure and the opportunity to leverage technology for better decisions and stronger relationships. Behavior-driven banking will change the way banking is perceived, and we plan to be at the forefront of leading this change.”
The word Banno holds a strong meaning for Arnold. During the recession of 2008, he and his wife were constantly trying to track expenses and more clearly determine their financial picture. Spreadsheets and other online solutions did not provide a true understanding; they showed historical spending, but that was useless while standing in the checkout line with three kids trying to decide which payment method to use based on when the mortgage payment would clear and when the utilities were due.
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.
Arnold added, “Banno is not only our company name, it is the story that drives us. 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. Look for many exciting and innovative solutions to come from us in the future; we have just begun to scratch the surface.”
Banno’s broadened focus on the digital channel will build on the success of its custom-branded mobile applications, websites and personalized payment card services. The company continues expanding to maintain its personal and superior customer service. In 2011, Banno grew staffing by 29 percent and expanded its Cedar Falls office by more than 65 percent. It recently added a Des Moines office, anticipating the addition of more than 20 employees over the next three years.
For additional information, visit the company’s website at www.Banno.com and follow it on Twitter @BannoHQ.
Banno (formally T8 Webware) provides and powers solutions that help financial institutions harvest behavior-driven banking data to stimulate growth and retain business. Its Banno.com-powered websites, mobile banking, account aggregation and enriched transactions provide segmented customer analysis based on anonymized data that can be used for actionable product offerings. Banno.com architecture is built with Open APIs to allow simple integration with existing digital channels.