In a 9x13-inch casserole dish (or trifle bowl), arrange half of the vanilla wafers in an even layer.
Top the wafers with a single layer of sliced bananas.
In a medium bowl, use a hand mixer to beat the milk and pudding mix until smooth and thickened.
In a separate large bowl, beat the softened cream cheese and sweetened condensed milk until smooth and velvety.
Gently fold the whipped topping into the cream cheese mixture using a rubber spatula.
Add the prepared pudding mixture to the cream cheese blend and fold until well combined.
Pour the creamy mixture over the banana layer and spread evenly.
Top with the remaining vanilla wafers.
Refrigerate for at least 1 hour before serving. For best flavor and texture, chill for 2 hours.