In a large mixing bowl, whisk the instant vanilla pudding mix with 3 cups of cold whole milk for 2 full minutes. Let it stand for 5 minutes until thickened.

In a separate large bowl, beat the softened cream cheese with a hand mixer on medium speed until completely smooth and fluffy, about 2 minutes. Scrape down the sides of the bowl.

Add the sweetened condensed milk to the cream cheese and beat until fully combined and smooth.

Fold the thickened vanilla pudding into the cream cheese mixture using a rubber spatula until fully incorporated and creamy.

Gently fold in 2 cups of the whipped topping, reserving the remainder for topping the dessert. Set the pudding mixture aside.

Slice all 5 bananas into ¼-inch rounds. If desired, toss gently with 1 teaspoon of fresh lemon juice to prevent browning.

In a large 9x13-inch dish or a clear trifle bowl, arrange a single layer of vanilla wafers across the bottom, covering as much surface area as possible.

Spread one-third of the pudding mixture evenly over the wafer layer.

Arrange a layer of banana slices over the pudding, covering evenly.

Repeat the layers — wafers, pudding, bananas — two more times, finishing with a final pudding layer on top.

Spread the reserved whipped topping over the entire top surface in an even, fluffy layer.

Crush a small handful of vanilla wafers and sprinkle over the whipped topping for garnish. Optionally, arrange whole wafers decoratively around the edges.

Cover the dish tightly with plastic wrap and refrigerate for at least 4 hours, or overnight for best results. The wafers will soften and the layers will firm up beautifully.

Serve cold, scooped directly from the dish. Enjoy within 3 days.