Just change the name in under Config Ble GAPP Settings Device name to the new name you must re-save the program and recompile it and program the ble device it to see the change.
You are right, that was indeed the correct place to change it. The Cysmart app was showing the old name on my phone, but the new name on my co-worker's phone. Why?? I even restarted my phone too.
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Nevermind, you are only 50% right. For anyone in the future: this is how you change the device name:
1) Change: GAP Settings > General > Device name
2) GAP Settings > Advertisement Packet > Check "Local Name" (this is the step I was missing. Because I missed this step, the name changed periodically)