Pour condensed milk and cold milk into a large bowl. Whisk to mix.
Add instant pudding. Continue to whisk to combine.
Place bowl in the refrigerator for 5 minutes, or until mixture becomes firm.
Evenly spread 1/3 of the whipped cream in the bottom of a glass casserole dish.
Layer 1/3 of the wafers over the cream.
Spread 1/3 vanilla pudding mixture over top.
Layer 1/3 of the banana slices over pudding.
Repeat layering accordingly until all ingredients are used.
Place the pudding back in the refrigerator until the mixture is set.
Crush 8 - 10 vanilla wafers. Evenly sprinkle over top.
Garnish with a few sliced bananas and wafers.
Serve cold