Make pudding according to package directions. Set aside for 5 minutes to thicken.
Place cream cheese, sweetened condensed milk, and vanilla extract into a large bowl.
Use a hand mixer to beat together until well combined.
Beat in the thickened pudding.
Use a rubber spatula to fold in the cool whip.
Line a 9 x13 baking dish with one layer of vanilla wafers.
Top each wafer with a banana slice.
Spread half of the pudding mixture on top of the bananas.
Repeat the layers (wafers, bananas, pudding).
Cover and refrigerate for at least 6 hours or overnight.
Crush the remaining vanilla wafers and sprinkle over the top.
Serve with dollops of whipped cream, if desired and enjoy!