In a mixing bowl, whisk together the sweetened condensed milk and cold water on medium-high speed for about one minute until well combined.

Add the instant vanilla pudding mix to the bowl and continue mixing for two to three minutes, then remove the bowl from the mixer.

Use a rubber spatula to ensure everything is thoroughly combined, then transfer the mixture to a smaller bowl, cover it with plastic wrap, and refrigerate for approximately three hours.

In a separate bowl, whip the heavy whipping cream and vanilla extract on high speed for about one minute.

Gradually add the powdered sugar and continue mixing on high speed for three to four minutes until stiff peaks form.

Remove the whipped cream from the mixer and gently fold it with a rubber spatula to ensure it is firm and well mixed.

Combine the chilled vanilla pudding mixture with the whipped cream using the spatula and set aside.

Slice the bananas into small pieces.

Begin layering the dessert by placing vanilla wafers at the bottom of a serving dish, followed by a layer of sliced bananas.

Spoon some of the pudding and whipped cream mixture on top, smoothing it out for an even layer.

Repeat the layering process two or three times.

Finish by smoothing the remaining vanilla pudding and whipped cream mixture on top, arranging the banana slices and wafer cookies, and crushing some wafer cookies for added texture.