Please do not spray anything to treat anything until you know what you are dealing with. Knee jerk reactions almost never turn out well, especially when chemicals are involved.
A photo of the insects in question would be of extreme help.

Over watering causes droopy leaves.
Lack of water causes droopy leaves.
Droopy leaves causes a crease to form.
That crease can easily progress to a hole.

What are your watering practices?
What media are they planted in?
Are they potted or in the ground?
How is the drainage?
What are your average temperatures?
Has it been windy?
Have they been fed?

Pristine banana leaves are indeed gorgeous but they don't always stay pristine for long- between wind and general environmental assaults they get raggedy.
That's why they are a back yard plant and not a front yard plant :)

I'm betting your plants are fine and need their watering and/or drainage adjusted.

I've attached a picture. They are watered every two (2) days. Drainage is good. They are planted in the ground, in black dirt, with rocks underneath and surrounded by small rocks. Avg. temps have been 80's. There have been a few windy days, but on average, we haven't had much wind. They are fertilized once a week.

In addition, I found several ants at the base of one (1) tree and have been told aphids eating the leaves draws the ants.