In a large mixing bowl, beat cream cheese and sweetened condensed milk until smooth and creamy.
Add French vanilla pudding mix and milk, whisking until fully combined and thickened.
In a large serving dish, spread a layer of vanilla wafers across the bottom.
Top with sliced bananas and strawberries.
Pour half of the pudding mixture over the fruit and wafers.
Repeat with another layer of wafers, bananas, strawberries, and remaining pudding mixture.
Spread whipped topping evenly over the top layer.
Refrigerate for at least 4 hours (preferably overnight) before serving.