Preheat oven to 350°F. Grease and flour a bundt cake pan, set aside.
In a medium bowl, whisk or sift together the flour, baking powder, salt, and baking soda. Set aside. In a separate medium bowl, stir together the mashed bananas, sour cream, milk and vanilla. Set aside.
Cream the butter and sugar on high, until light and fluffy, about 5 minutes. Add in the eggs, one at a time, mixing well after each addition. Add the dry ingredients, alternating with the wet ingredients, making sure to start and end with the dry. Mix just until combined, after each addition.
Remove about 1 cup of batter into a small bowl and gently fold in the strawberry preserves and food coloring until well combined. Try not to over mix it.
In another small bowl, stir together the cocoa, sugar and milk until a thick paste is formed. Remove another 1 cup of original batter and fold it into the chocolate mixture.
Pour half of the remaining original batter into the prepared bundt pan, spreading it evenly. Then dollop the strawberry batter on top, only spreading somewhat. Pour the remaining original batter onto and spread out evenly. Then dollop the chocolate batter on top of that. Give the pan a few taps on the counter to even it all out.
Bake until a toothpick, inserted in the middle, comes out clean, about 1 hour. Remove from the oven and let cool for 20 minutes on a wire rack. Invert onto a plate or platter and allow to cool completely, about 2 hours.
To make the ganache topping, pour the heavy cream into a small saucepan and set over low heat and bring to a simmer. In a medium bowl, pour in the chocolate chips, butter and salt. Once the heavy cream has heated through, pour over the chocolate and let sit, untouched, about 10 minutes. Stir until melted through and glossy. Drizzle the ganache over the cake. Cut and serve with a dollop of whipped cream, cherries and chopped nuts. Leftover cake can be wrapped in plastic and stored at room temperature for up to 2 days. Enjoy!