Prepare pudding base: Whisk milk and pudding mix until smooth, add condensed milk, fold in half whipped topping, chill 10–15 mins.
Slice bananas: Slice ripe bananas ¼-inch thick. Optional: toss in lemon juice to prevent browning.
Layer ingredients: Start with wafers, then bananas, then pudding. Repeat until all layers are used, ending with pudding on top.
Chill: Cover and refrigerate for 4–6 hours or overnight.
Garnish & serve: Top with remaining whipped topping, crushed wafers, banana slices, or caramel drizzle.