Step 1: In a large mixing bowl, beat the softened cream cheese with an electric mixer until light and fluffy, about 2-3 minutes. Gradually add the powdered sugar, beating until fully incorporated and smooth. Scrape down the sides of the bowl as needed.
Step 2: In a separate medium bowl, whisk together the cold milk and instant vanilla pudding mix for 2 minutes, until the mixture begins to thicken. Let it sit for another 2-3 minutes to allow it to set up further.
Step 3: Gently fold the prepared pudding mixture into the cream cheese mixture until just combined. Be careful not to overmix.
Step 4: Prepare your parfait glasses or individual serving bowls. Place a layer of vanilla wafers at the bottom of each glass, breaking some to fit snugly.
Step 5: Add a layer of sliced fresh bananas over the wafers. Arrange them neatly against the glass for an attractive presentation.
Step 6: Spoon a generous layer of the cream cheese and pudding mixture over the bananas. Gently spread it evenly, ensuring it covers the bananas completely. Repeat the layers: wafers, then bananas, then cream mixture, until your glasses are full, ending with a layer of the cream.
Step 7: Cover each parfait loosely with plastic wrap. Refrigerate for at least 4 hours, or ideally overnight, to allow the flavors to meld and wafers to soften perfectly. Garnish with additional whipped cream, vanilla wafers, and banana slices just before serving.