1. Prepare the Vanilla Pudding
Pour the 2 cups of cold milk into a large mixing bowl. Add the instant vanilla pudding mix and whisk according to the package directions.
Continue mixing until the pudding is smooth and has thickened. Scrape around the sides and bottom of the bowl to make sure all of the dry pudding mix has been incorporated.
Set the prepared pudding aside while you make the creamy mixture.
2. Beat the Cream Cheese
Place the softened cream cheese in a separate large bowl. Beat it until smooth and creamy.
If you are using an electric hand mixer, start at a lower speed and gradually increase it as the cream cheese becomes smooth. Taking a few minutes to properly soften and beat the cream cheese helps create a much smoother final pudding.
3. Add the Sweetened Condensed Milk
Gradually add the sweetened condensed milk to the softened cream cheese. Continue mixing until the two ingredients are completely combined.
The mixture should become smooth, thick, and creamy. Scrape down the sides of the bowl as needed so that everything mixes evenly.
4. Combine the Pudding and Cream Cheese Mixture
Add the prepared vanilla pudding to the cream cheese and condensed milk mixture. Mix gently until everything is evenly incorporated.
The mixture should have a rich, creamy consistency without visible streaks of cream cheese.
5. Fold in the Whipped Topping
Add the whipped topping to the pudding mixture. Instead of aggressively mixing it, gently fold it in with a spatula.
Folding helps maintain the light, airy texture of the whipped topping. Continue until the mixture is smooth and fluffy.
6. Slice the Bananas
Peel the six bananas and cut them into even slices. Try to keep the slices relatively similar in thickness so that the finished dessert has consistent layers.
If you are preparing a large amount of banana pudding, you can slice the bananas in batches rather than cutting them all at once. This reduces the amount of time they are exposed to air before assembly.
7. Build the First Layer
Choose a large deep serving dish, casserole dish, or glass bowl. Arrange a layer of vanilla wafers across the bottom.
Place the wafers close together so they form a fairly complete base. Break a few wafers into smaller pieces if necessary to fill gaps around the edges.