In a mixing bowl, blend the softened cream cheese and sweetened condensed milk until smooth, about 2-3 minutes.

Add French vanilla pudding mix and milk to the cream cheese mixture; stir continuously for 1-2 minutes until lump-free and thickened.

Lay down a layer of vanilla wafers in a large serving dish, followed by a layer of sliced bananas and strawberries.

Pour half of the pudding mixture over the fruit and wafers; spread evenly to cover all layers.

Repeat layering with remaining vanilla wafers, bananas, strawberries, and then the remaining pudding mixture.

Top with whipped topping before covering with plastic wrap and refrigerating for at least 4 hours or overnight.