In a lg bowl, beat together the pudding mix and the cream cheese with an electric mixer on low speed til well combined. Gradually add the milk beating on low speed til almost smooth. Fold in the thawed whipped topping and the sliced bananas.
Arrange a layer of vanilla wafers on the bottom and up the sides of a 3 qt dessert dish. Top with 1/3 of the pudding mixture, repeat layers twice more, ending with the pudding mixture. Chill 2 - 24 hrs.
Just before serving, garnish with additional slices of banana if desired.