Remove the cream cheese from the refrigerator and let it sit at room temperature for about 5 minutes to soften slightly, which makes mixing much easier. Using an electric mixer on medium speed, beat the cream cheese for 1-2 minutes until completely smooth and creamy with no lumps. This creates the ideal texture foundation for incorporating the other ingredients.

Add the instant banana pudding mix to the smooth cream cheese and stir thoroughly on medium speed until the mixture is well combined and uniform in color. Pour in the sweetened condensed milk and vanilla, mixing on medium-low speed until fully incorporated. The mixture should be smooth and pale yellow. I like to scrape down the sides of the bowl with a spatula halfway through mixing to ensure everything is evenly combined.

In a separate clean bowl, pour the cold heavy cream and add a pinch of salt. Using an electric mixer on medium-high speed, whip the cream until stiff peaks form—this usually takes 2-3 minutes. Be careful not to overbeat or you'll start making butter. Gently fold the whipped cream into the pudding mixture from Step 2 using a spatula with broad, sweeping motions, being careful to maintain the airiness of the whipped cream. This creates the light, creamy texture that makes ice cream so satisfying.

Gently fold the sliced bananas into the ice cream mixture, distributing them evenly throughout. Then fold in the crushed vanilla wafers, reserving a small handful for garnish if desired. I recommend folding rather than stirring to keep the mixture light and airy and to avoid breaking up the banana slices too much.

Pour the ice cream mixture into a 9x13 inch baking dish or similar-sized freezer-safe container. Smooth the top with a spatula and sprinkle any reserved crushed vanilla wafers on top for extra texture and visual appeal. Cover the container with plastic wrap or aluminum foil and place it in the freezer for 5-6 hours, or until the ice cream is completely frozen and scoopable. If freezing for longer than one day, you may need to let it thaw slightly before scooping.

Remove the ice cream from the freezer and let it rest at room temperature for 5-10 minutes before scooping. This brief rest makes scooping easier and allows the ice cream to soften just enough for a creamy texture while remaining frozen.