Preheat the oven to 350 degrees Fahrenheit. Line an 8 x 8 x 2-inch baking dish with parchment paper.
In a large bowl, combine 1 cup ripe mashed bananas,1 large egg, 1 teaspoon vanilla extract, and ¼ cup coconut oil Whisk until combined.
Stir in 1 tablespoon cornstarch, ¼ teaspoon baking powder, 1 teaspoon baking soda, 1 teaspoon ground cinnamon, and ¼ teaspoon ground allspice. Stir until completely combined.
Add 1 ½ cups old fashioned oatmeal to a blender and blend until it resembles flour. Stir the blender oats and ½ cup lightly packed brown sugar into the banana mixture.
Fold in ¾ cup semisweet chocolate chips or nuts.
Bake for 25-30 minutes or until a fork when inserted comes out clean. Be careful to not overbake as it will make this cake less tender and less flavorful. Allow to cool before frosting the cake.
Optional Frosting
In a microwave-safe bowl combine ½ cup semisweet chocolate chips and 3 tablespoons almond milk. Microwave in bursts of 15 seconds, stirring for 15 seconds in between until the chocolate is completely melted.
Whisk in 1 ½ cups powdered sugar. Start with 3/4 a cup and add as needed.
Cover and refrigerate the frosting for at least 30 minutes.
Cover the completely cooled cake with the frosting.