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Imagine a world where your credit score is judged by the company you keep on social networks, and not just on your spending habits.

Or a time when you pay for shopping using an eye-scanner, transfer money with the flick of a finger and meet your bank manager in the local supermarket.

These are just some of the predictions made by financial technology expert Gi Fernando for the future of banking - and he believes the wheels for this revolution are already in motion.

Financial tech expert Gi Fernando has revealed his vision for the future of banking. He said cards will soon disappear, to be replaced with mobile phones or tablets, used to tap against readers to pay for goods and service. Mr Fernando also predicts bank branches will move into coffee shops, cafes and supermarkets

Mr Fernando, sold his last start-up to Experian in 2011 and launched Free:Formers, a digital training firm for banks among other businesses, a year later.

Speaking exclusively to the MailOnline, he said: 'We're on the brink of some seismic changes in the way we all use money.'

He said Facebook users are already familiar with security prompts asking them to identify a friend's face before their log-in process is completed, for example.

And in the future, banks could rely on such social networks in a way their customers have never seen before.

For example, as those without social profiles become a shrinking minority, banks could ask their clients for permission to access them.

And those without accounts could be penalised when applying for credit.  

Users with a stable social network would be seen as less of a credit risk than those whose friends chop and change regularly - giving them access to better credit.

Fernando said: 'The old saying largely remains a truism. You are defined by the company you keep.

'You could easily have a scenario in ten years where a customer's chances of credit are determined not only on their spending, but also on their friends, family members and their social profile.

'By giving up a bit more information to the banks, you might stand to benefit in a wider choice of products.'

Mr Fernando, 43, continued that financial services are already facing competition like never before from the likes of eBay, which last month said it would offer finance to hundreds of thousands of small UK firms already signed up to its PayPal payments service.

As a result, banks are being forced to innovate quickly, with credit and debit cards likely to be the first casualty.

According to Fernando, cards will soon disappear, to be replaced with mobile phones used to tap against readers to pay for goods and services.

But even that technology won't last long, Fernando continued.

In the future, banks could rely on social networks, such as Facebook, in a way their customers have never seen before. For example, as those without social profiles become a shrinking minority, banks could ask their clients for permission to access them. And those without accounts could be penalised

Barclays recently revealed a first-of-its-kind biometric reader that identifies customers by the veins in their finger. Instead of using a PIN or password, Barclays customers press their finger on a scanner (pictured) plugged into their computer

Instead, banks will rely on finger scanners and retina readers to process transactions.

'Credit and debit cards are history. Card systems are expensive to run, relatively insecure and pretty easy to copy,' added Mr Fernando.

'Soon you'll simply walk into a shop, zap your phone [or smartwatch] against a contact point or barcode, and money will be taken from your account to pay for it.

'Apple is already running this type of system through the Apple Store app's EasyPay feature. You just scan the barcode of an item you want to buy and, in a second, it's yours.'

Apple Pay will also mean more people can pay for items using their phones. 

'But that won't last long either,' continued Mr Fernando. 'I expect to see finger and retina scanners as part of our lives in the not too distant future.'

According to Fernando, cards will soon disappear, to be replaced with mobile phones or wireless wristbands. Barclays bPay band (pictured) can already be used to pay for goods, and underground tickets

'Credit and debit cards are history. Card systems are expensive to run, relatively insecure and pretty easy to copy,' added Mr Fernando. He said customers are also already able to walk into a shop, place their phone or smartwatch against a contact point, and pay for goods. Apple Watch running Apple Pay is pictured

Barclays recently revealed a first-of-its-kind biometric reader that identifies customers by veins in their finger.

Instead of using a PIN or password, Barclays customers press their finger on a scanner plugged into their computer.

Apple's EasyPay lets people scan barcodes and learn more about products, using their phone

The reader uses infrared lights to scan the veins and blood flow under the skin to confirm the user's identity.

Customers then have to scan the same finger a second time to confirm their transaction as part of the bank's ongoing bid to combat fraud.

The banking giant is additionally leading the way with contactless payment wristbands. 

'But that's really just the start of how tech is changing the banking industry,' added Mr Fernando.

'The bank of the future is going to be a lot more fun to engage with for customers than it is right now.'

Fernando also predicts bank branches will move into coffee shops, cafes and supermarkets as banking goes back to the future.

He believes that stripping away clumsy card systems in favour of smart tech will mean the end of long queue. 

It also means customers will be able to get more tailored, expert advice as bank staff come to them.

Fernando said: 'The advance of tech means the end of clunky processes and waiting six weeks for an appointment to see a manager.

'Back in the fourteenth century, banking was done in coffee shops - that's where we're going back to.

'Banks are already looking at getting their advisors to their customers more directly. This is just a natural progression.

Barclays unveil Biometric reader for business customers

'The bigger branches can become versions of Apple's Genius stores - stripped back, slicker and offering the kind of service customers can only dream of now.

'If you cut back on transactional costs, it means banks can offer more specialised advice on mortgages and investments to everyone, not just the privileged few.'

But Fernando said firms, including banks, need to give their staff the skills now to face the digital future.

'The companies that take digital seriously now, that give their employees training in coding, apps, social media and security, will take the initiative. They won't get left behind.'