Add sweetened condensed milk, water, and pudding mix to a medium sized bowl. Whisk or mix with a hand mixer until combined, about 2 minutes. Cover and chill 3-4 hours or overnight. You want the pudding to set properly.

In a large bowl, beat whipping cream until stiff peaks form. You can use a hand or a stand mixer. Gently fold the whipped cream into the pudding mixture.

Assemble your pudding by placing ⅓ of the wafers in the bottom of a large wide bottomed bowl. Top with ⅓ of the bananas and ⅓ of the pudding. Repeat the layers twice and garnish with wafer crumbs.

Wrap tightly with plastic wrap and chill at least 4 hours before serving. You can chill up to 8 hours but it’s not recommended to chill it longer than that.