Into the bowl of a stand mixer with the whisk attachment (or into a large bowl with an electric hand mixer) add the sweetened condensed milk and the water and mix until combined well.

Next add in the instant vanilla pudding mix and the vanilla extract. Mix again until fully combined. Note: the mixture will be runny.

Cover the bowl with plastic wrap and refrigerate for about 2 hours or until fully set.

When pudding is ready, make the whipped cream. In the bowl of a stand mixer with the whisk attachment (or in a large bowl with an electric hand mixer) whip the heavy cream until it forms stiff peaks. Be careful not to over-mix or it will start to turn into butter.

Add spoonfuls of the pudding mixture to the whipped cream with the mixer on the low setting until fully incorporated with no white streaks. You may need to take a spatula and scrape the bottom of the bowl to make sure it is fully mixed in.

Finally, stir in the wafers, mini marshmallows, and sliced bananas, and serve immediately.