In the bowl of a stand mixer fitted with the paddle attachment, or in a large bowl with an electric mixer, beat the cream cheese for 3 minutes. Scrape down the sides of the bowl and add in powdered sugar and vanilla and beat an additional 3 minutes.
16 ounces cream cheese, 1 cup powdered sugar, 2 teaspoons pure vanilla extract
In a large bowl, whisk together the dry pudding mixes and milk. Allow pudding to set up for a few minutes.
Add the pudding to the cream cheese mixture and beat until fully incorporated. Be sure to scrape down the sides of the bowl to incorporate all of the cream cheese.
Fold in whipped topping until completely incorporated. Fold in the marshmallows.
12 ounces frozen whipped topping, 1 1/2 cups mini marshmallows
Cover and refrigerate for at least 2 hours.
Just before serving, fold in the sliced bananas and top with crushed vanilla wafers. If desired, garnish with additional whipped topping and more banana slices.