Step 1: In a large bowl, beat the softened cream cheese with an electric mixer until light and fluffy. Gradually beat in the sweetened condensed milk until smooth and well combined.
Step 2: In a separate bowl, whisk together the cold milk and instant vanilla pudding mix for 2 minutes, until thickened. Let it stand for 2 minutes.
Step 3: Gently fold the prepared vanilla pudding into the cream cheese mixture until fully incorporated and smooth. This is your creamy pudding base.
Step 4: Assemble the cups: Place a layer of vanilla wafers at the bottom of 6-8 individual serving cups or jars. Top with a layer of sliced bananas.
Step 5: Spoon a generous amount of the creamy pudding mixture over the bananas and wafers, spreading it evenly.
Step 6: Repeat the layers: Add another layer of vanilla wafers, followed by sliced bananas, and then more pudding mixture. Continue layering until your cups are full, ending with a layer of pudding.
Step 7: Cover the cups tightly with plastic wrap and refrigerate for at least 4 hours, or preferably overnight, to allow the pudding to set and the wafers to soften.
Step 8: Garnish before serving, if desired, with additional vanilla wafers, fresh banana slices, or a dollop of whipped cream.