Preheat the oven to 400 degrees F (200 degrees C). Grease 12 standard muffin cups with cooking spray.
Place cereal in a resealable plastic bag. Crush slightly with a rolling pin to make 1 1/2 cups.
Mix crushed cereal, flour, brown sugar, baking powder, and baking soda together in a large bowl. Stir in mashed bananas, milk, egg whites, applesauce, raisins, and chocolate chips until batter is just moistened. Divide batter evenly among muffin cups.
Bake in the preheated oven until golden brown, 18 to 22 minutes. Let stand for 2 minutes in the pan before removing to a cooling rack. Serve warm if desired.
