In a large bowl, beat cream cheese until fluffy and with no clumps. Add sweetened condensed milk, pudding mix, cold milk, and vanilla. Beat until smooth.
Fold in 8 ounces whipped cream and mix until combined. Let chill in the fridge for 30 minutes.
Line the bottom of a trifle dish with vanilla wafers around the edge. Add half the pudding mixture and spread across, topped with a layer of sliced bananas. Add a layer of whipped topping. Repeat layers. Nilla wafers - pudding mixture - bananas - whipped topping.
Top with more wafers and banana slices if desired. Refrigerate for at least an hour before serving.