Begin by mixing the milk and instant pudding together with a handheld mixer.
Once the pudding is well mixed then add the softened cream cheese, whipped cream (or cool whip), nutmeg, and cinnamon.
Line a large dish (I have used a large 4 quart Pyrex pan and a trifle dish for this recipe before, either work) with a layer of vanilla wafers and then a layer of bananas.
Add the pudding mixture on top and then top with more sliced bananas.
Refrigerate for at least two hours or until ready to serve.