Make the pudding base: In a large bowl, whisk cold milk and instant pudding mix for 2 minutes until thickened. Let it sit for 3–4 minutes to fully set.
Blend the cream cheese: In a separate bowl, beat the softened cream cheese with sweetened condensed milk, vanilla, and a pinch of salt until completely smooth and silky. No lumps.
Combine the mixtures: Fold the cream cheese mixture into the pudding until smooth.
Take your time to avoid streaks.
Whip the cream: Beat the heavy cream to stiff peaks (or use whipped topping). Gently fold it into the pudding mixture until airy and uniform.
Slice the bananas: Cut bananas into 1/4-inch slices right before assembling to limit browning.
Layer the dessert: In a 9x9 or 9x13 dish, add a layer of wafers, a layer of banana slices, then a layer of pudding. Repeat 2–3 times, finishing with pudding on top.
Chill to set: Cover and refrigerate for at least 4 hours, ideally overnight.
This softens the wafers and melds flavors.
Finish and serve: Just before serving, top with crushed wafers and a light dusting of cinnamon (optional). Spoon into bowls or slice neatly if fully set.