In a large bowl, whisk milk, heavy cream, and pudding mix for 2 minutes until thickened.
Whisk in sweetened condensed milk and vanilla extract until smooth. Let sit 5 minutes.
In a separate bowl, beat whipping cream, powdered sugar, and vanilla until soft peaks form.
Fold half of the whipped cream into the pudding mixture.
Layer vanilla wafers in the bottom of a dish.
Add sliced bananas, then spread pudding over the top.
Repeat layers until ingredients are used, ending with pudding.
Spread remaining whipped cream on top.
Cover and refrigerate for at least 4 hours before serving.