In a large mixing bowl, combine the instant vanilla pudding mix, cold water, and sweetened condensed milk. Whisk together until the mixture is smooth and well combined. Set it aside to thicken while you prepare the other components.
In another bowl, pour in the pint of whipping cream. Using an electric mixer, beat the cream on medium speed until soft peaks form. Gradually add the powdered sugar, continuing to beat until you reach stiff peaks.
If you’re using multiple cookie crusts, crumble them into a pie dish or use one large graham cracker crust. Begin layering by spreading a portion of the pudding mixture evenly over the crust. Then, slice bananas and layer them over the pudding. Follow with another layer of pudding, more bananas, and top it all off with a generous dollop of whipped cream.
Cover the pie with plastic wrap and refrigerate for at least 2 hours, allowing the flavors to meld and the pie to set. When ready to serve, slice and enjoy a piece of your Banana Cream Pie the easy way!