Imagine a world where, when you walk into your bank, messages and adverts pop up that address you by name. A world where debit and credit cards are extinct and business is done by a swipe of your mobile phone. A world where you make payments using an iris scan and do not have to remember those pesky PINs.

It might sound like the premise of the futuristic 2002 film Minority Report, based on the novel by the science-fiction master Philip K. Dick. But the technology to make all this possible is already being developed. What sounds far-fetched now could be the norm in just a few years.

We asked some of the leading experts in the field to explain the innovations they expect to see in banking in the next decade. Their insights mean that a visit to the bank could take on a whole new meaning.

In India and other parts of Asia, where the nearest bank branch can be hundreds of miles away, mobile banking is hugely popular. But in the UK we have been much slower to fall in love with phone-based banking. Even those who have signed up to their bank’s mobile service are unlikely to do much more than use it to check their bank balance and latest transactions.

However, we could be on the brink of a revolution. Mary Carol Harris, head of mobile at Visa Europe, believes that the mobile phone could ultimately kill off plastic cards and even traditional cash. Your mobile will be all you need, not only to bank but to shop as well.

Ms Harris says: “The technology is already there to allow contactless mobile phone payments. That would allow you to make small payments at a point of sale by simply swiping your mobile across a reader.”

The concept of contactless payments will be familiar already to anyone who has been issued with Barclaycard’s OnePulse. The combined Oyster travel and debit card, which has been handed out to more than one million customers, can be used to make payments of £10 or under.

Sandra Quinn, at UK Payments, which oversees everyday banking transactions, says: “Contactless technology will enable mobile phones to act as payment cards and sending payments may be as simple as sending text messages.”

A phone’s Sim card could even contain multiple accounts — one for personal purchases, another for a company account. It would be possible to pass from one to another at the flick of a button.

Fear of fraud is the biggest barrier to the widespread adoption of mobile banking, but experts say that it is no more risky that banking online. In fact, wider use of our mobiles could help to combat fraud. Evidence suggests that we are so attached to our phones that we quickly spot when they are stolen or missing. It can, by contrast, take days for us to realise that our cards have been taken.