Step 1: In a large bowl, whisk together the instant vanilla pudding mix and cold milk for 2 minutes, until thickened. Set aside.
Step 2: In a separate bowl, beat the softened cream cheese until smooth and creamy. Gently fold in the thawed whipped topping until well combined.
Step 3: Combine the pudding mixture with the cream cheese and whipped topping mixture. Mix gently until fully incorporated and smooth.
Step 4: Arrange a single layer of vanilla wafers in the bottom of a 9x13 inch baking dish.
Step 5: Top the wafer layer with half of the sliced bananas and half of the sliced strawberries.
Step 6: Spread half of the pudding mixture evenly over the fruit and wafers.
Step 7: Repeat the layers: another layer of vanilla wafers, the remaining bananas and strawberries, and then the rest of the pudding mixture.
Step 8: If desired, crush a few extra vanilla wafers and sprinkle them on top for garnish, or arrange a few fresh strawberry slices.
Step 9: Cover the dish tightly with plastic wrap and refrigerate for at least 2 hours, or preferably overnight, to allow the wafers to soften and the flavors to meld.