Step 1: Prepare the Pudding

1. In a large mixing bowl, combine 2 cups of cold milk and instant vanilla pudding mix. Whisk together for about 2-3 minutes, or until the mixture starts to thicken.
2. Let the mixture sit for approximately 5 minutes to allow it to fully set.

Step 2: Mix in the Sweetened Condensed Milk

1. Pour the sweetened condensed milk into the pudding mixture.
2. Gently fold the condensed milk into the pudding until it is fully incorporated, creating a smooth, creamy consistency.

Step 3: Fold in Whipped Cream

1. In a separate bowl, whip 2 cups of heavy whipping cream until soft peaks form. You can use a hand mixer or stand mixer for this.
2. Carefully fold the whipped cream into the pudding mixture. Mix gently to avoid deflating the whipped cream. This step will give the pudding a light, fluffy texture.

Step 4: Assemble the Banana Pudding Layers

1. In a 9×13-inch baking dish, begin by layering one-third of the vanilla wafers at the bottom.
2. Arrange one-third of the banana slices over the wafers.
3. Spread one-third of the pudding mixture over the banana slices.
4. Repeat the layering process twice more, finishing with a layer of the pudding mixture on top.

Step 5: Chill Before Serving

1. Cover the baking dish with plastic wrap.
2. Refrigerate for at least 4 hours or overnight. This will allow the flavors to meld together, and the vanilla wafers to soften to a cake-like texture.

Step 6: Serve and Enjoy

1. Before serving, top the banana pudding with additional whipped cream, crushed vanilla wafers, or a light caramel drizzle if desired.
2. Scoop into bowls and enjoy the creamy, flavorful layers!