Begin by lightly greasing a 9x13 inch baking dish to ensure easy removal of the dessert later.

In a stand mixer, combine heavy whipping cream, confectioners' sugar, and vanilla extract. Whip until stiff peaks form.

Using the same mixer, whip the softened cream cheese on medium speed until light and fluffy, then add sweetened condensed milk, pudding mix, and milk.

Gently fold two-thirds of the prepared whipped cream into the banana pudding mixture.

Layer Nilla Wafers, sliced bananas, and half of the banana pudding mixture in the prepared baking pan, then repeat the layers.

Cover the dish with plastic wrap and refrigerate for at least 8 hours or preferably overnight.