In a large mixing bowl, beat together the sweetened condensed milk and water until combined. Add the pudding mix and beat well. Cover and refrigerate for 4-6 hours to overnight. It is very important to allow the proper amount of time for the pudding mixture to set, if not it will be to watery.
In the bowl of a stand mixture, beat the heavy cream until stiff peaks form. Gently fold the whipped cream into the pudding mixture until no streaks of pudding remain.
In a 9x13 dish, arrange 1/2 of the wafers covering the bottom. Next, layer 1/2 of the bananas, and 1/2 of the pudding mixture. Repeat one more time, top with wafer crumbs on the top layer. Cover and allow to chill in the fridge for at least 4 hours – or overnight. ENJOY!