In a large bowl, beat cream cheese until fluffy. Beat in condensed milk, pudding mix, cold milk and vanilla until smooth. Fold in 1/2 of the whipped topping.
Line the bottom of a 9x13 inch dish with vanilla wafers. Arrange 1/2 of the sliced bananas evenly over wafers. Spread with pudding mixture. Add another layer of wafers and bananas. Top with remaining whipped topping. Chill.