Using a hand or stand mixer, combine sweetened condensed milk, cold water, and cold milk. Mix on low-medium for 1-2 minutes.

Add the vanilla pudding mix and beat on medium for 2 minutes until mixture begins to thicken.

Cover and refrigerate for 4 hours or overnight to set the pudding.

In a separate bowl, beat heavy cream with vanilla flavoring until stiff peaks form.

Gently fold whipped cream into the pudding until fully combined.

In a serving dish, layer 1/3 of vanilla wafers, followed by 1.5 cups of sliced bananas, then 1/3 of pudding mixture.

Repeat layers two more times, ending with pudding on top.

Crush reserved wafers and sprinkle over the top as garnish.

Refrigerate until ready to serve.