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 9x13 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.
To keep the bananas from turning brown too quickly, you can sprinkle a little citric acid powder onto the sliced bananas. Just a little so as not to change the flavor. Or, you could lightly coat the sliced bananas in lemon or orange juice. Again, just coat lightly so as not to change the flavor.
Banana Cream Pudding flavor can be substituted for the vanilla pudding. Alternatively, banana extract can be substituted for the vanilla extract.