In a mixing bowl, beat softened cream cheese with sweetened condensed milk until completely smooth.
Add French vanilla pudding mix and milk. Mix until fully combined and thickened.
In a large serving dish, layer vanilla wafers, followed by sliced bananas and sliced strawberries.
Pour half of the pudding mixture evenly over the fruit and wafers.
Repeat with another layer of wafers, bananas, strawberries, and the remaining pudding mixture.
Spread whipped topping evenly over the top layer.
Refrigerate for at least 4 hours or until fully set.