Whisk milk and pudding together. Set aside. See notes below to make homemade whipped cream instead of whipped topping.
To make the filling mix room temperature cream cheese until smooth. Add sweetened condensed milk and mix until smooth. Add pudding mixture to and beat again until smooth. Fold half of the whipped cream (about 1 1/2 cups) into pudding mixture. Set aside.
Slice bananas into about 1/4 inch slices and set in the bottom of the graham cracker crust. Gently spread pudding/cheesecake mixture over the bananas.
Chill Pie. Refrigerate pie for at least three hours, or overnight.
Spread remaining whipped cream over the pie, or pipe whipped cream on the pie.
Garnish and Serve. Garnish pie however you’d like. Drizzle with hot fudge sauce, sprinkle with grated chocolate, add chocolate curls, or use fun colored sprinkles. You could also garnish with extra banana slices. Cut in slices and serve.