Preheat oven to 350°F. Grease a 9 inch round baking pan or a 9 x 13-in pan and set aside.
Whisk together flour, baking powder, and salt in a medium size bowl. Set aside.
In a large bowl, beat sugars with eggs until pale and fluffy. Add vanilla. Whisk in melted butter and mashed bananas.
Add ½ of flour mixture to wet ingredients, mixing gently to combine. Add ⅔ cup milk, mix well. Add rest of dry ingredients and mix until just combined.
Pour batter into prepared pan and bake 35-45 minutes, or until a toothpick inserted into the middle comes out clean. Remove from oven and cool completely in pan.
In a small bowl, whisk together coconut milk, sweetened condensed milk, and milk until combined.
Once the cake is completely cooled, poke holes all over using a wooden skewer or fork.
Gradually pour milk mixture over cake. Refrigerate 2-3 hours.
To make the whipped cream, beat heavy cream with an electric mixer on medium high speed until peaks form. Once cake has absorbed the milk mixture, frost cake with whipped cream and sprinkle with toasted coconut flakes.
To make the caramelized bananas, heat a skillet over medium heat. Add oil. Once oil begins to bubble, add banana slices, sugar, and salt. Cook 5 minutes.
To serve, place a slice of cake on a plate and top with caramelized bananas. Enjoy!