In a mixing bowl, combine sweetened condensed milk, cold water, and cold milk. Mix on low-medium for 1-2 minutes.

Add vanilla pudding mix and beat on medium for 2 minutes until it starts 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 chilled pudding until fully combined.

Layer vanilla wafers at the bottom of a large serving dish.

Add a layer of sliced bananas over the wafers.

Spread a layer of pudding over the bananas.

Repeat layers of wafers, bananas, and pudding until the dish is filled.

Top with reserved wafers or crumbs.

Refrigerate until ready to serve.