In a large mixing bowl, combine the room temperature cream cheese and powdered sugar. Using a hand mixer or stand mixer, beat until smooth and creamy.
Pour in the vanilla extract and mix until well incorporated.
In a separate bowl, whisk together the two packages of instant banana cream pudding mix and 1 ½ cups of milk. Mix until the pudding thickens.
Gently fold the prepared pudding mixture into the cream cheese mixture.
Add the thawed whipped topping and mini marshmallows to the bowl. Use a spatula to fold everything together until fully combined.
Gently fold in the sliced bananas and crushed vanilla wafers.
Transfer the mixture to your serving dish and refrigerate for at least one hour before serving.
Top with additional whipped topping, crushed vanilla wafers, and sliced bananas for a stunning presentation.
