With a mixer, beat heavy whipping cream until thick. Pour in sweetened condensed milk and vanilla extract and fold in until smooth.
Next, pour half the ice cream into a freezer safe container. Top with half of the chopped bananas and half of the mini chocolate chips. Repeat with another layer, and top with the remaining chocolate chips and bananas.
Freeze for 5-6 hours or overnight. When it is time to serve, remove from freezer and let sit on the counter to soften for 5-10 minutes before serving.