In a large bowl, whisk together sweetened condensed milk and ice-cold water.
Add the vanilla pudding mix and whisk until smooth and lump-free.
Cover and refrigerate for about 4 hours, until the pudding has set.
In another bowl, beat softened cream cheese with a hand mixer until smooth.
Add heavy whipping cream, powdered sugar, and vanilla extract and whip until stiff peaks form.
Gently fold the whipped cream mixture into the pudding until mostly smooth.
Slice thawed pound cake into small bite-sized cubes.
In a 9x13 dish, layer half the pound cake cubes, followed by banana slices.
Spread half the pudding mixture over the bananas.
Repeat the layers with remaining pound cake, bananas, and pudding.