Combine the rinsed rice, coconut milk, water, granulated sugar, and salt in a medium saucepan. Whisk well to ensure no clumps remain.

Bring the mixture to a boil over medium-high heat, stirring frequently to prevent scorching on the bottom. Once boiling, immediately reduce the heat to low.

Cover the saucepan and let it simmer gently for 15-20 minutes, or until the rice has absorbed most of the liquid and is creamy. Stir occasionally during this time.

While the rice simmers, prepare the bananas: Melt the butter in a separate non-stick skillet over medium heat. Add the banana slices in a single layer.

Sprinkle the brown sugar and cinnamon evenly over the bananas. Cook for 2-3 minutes per side until golden brown and slightly softened. Carefully flip the slices.

Once the cream of rice is cooked, remove from heat and stir in the vanilla extract. If the consistency is too thick, add a splash of milk or water until desired creaminess is achieved. Divide into serving bowls.

Top each bowl of warm cream of rice generously with the caramelized banana slices and any leftover caramel sauce from the skillet.