In a large bowl, beat the cream cheese with an electric mixer on medium speed until smooth and fluffy.
Add in sweetened condensed milk, pudding mix, milk and vanilla extract.
Mix until combined well.
Finally, stir in half of the whipped topping.
To layer: place one-third of the vanilla wafers in a layer on the bottom of a trifle dish, large bowl or a 9×13 baking dish.
Add a layer of bananas.
Then pour one-third of the pudding mixture on top (enough to cover all the bananas).
Continue with two more layers.
Top with remaining whipped topping.
Cover with plastic wrap and refrigerate for at least one to two hours before serving so it can thicken up and the wafers can soften.