Preheat oil to 365 degrees in a deep fryer or skillet. Make sure the oil is at least 3/4-inch deep.
Place the flour and breadcrumbs on separate plates. In a medium bowl, mix together the egg and milk. Cut bananas diagonally into 3/4-inch-thick-slices. Dredge individual pieces of banana in the flour and shake off the excess. Dip into the egg mixture to coat, then dredge in bread crumbs. Working in small batches, fry the bananas for 3 minutes on each side, or until golden brown. Remove from the oil with tongs and drain well on paper towels. Mix together the confectioners' sugar and cinnamon, and dust liberally on the schnitzels. Serve while still hot. Goes great with ice cream. These should be served immediately, but they can be held for 3 hours at room temperature, then reheated for 5 minutes in a 350 degree oven.