In a large bowl, beat cream cheese until fluffy. Add in condensed milk , dry pudding mix, cold milk, and vanilla and mix until completely combined and smooth.
Fold in half of the Cool Whip.
Line the bottom of a trifle bowl with vanilla wafers.
Top wafers with a layer of sliced bananas.
Spread half of pudding mixture on top of bananas.
Repeat layers with remaining vanilla wafers, sliced bananas, and pudding.
Spread remaining Cool Whip on top.
If desired, sprinkle crushed vanilla wafers on top.
Chill for 2 hours before serving.
Notes
If you don’t have a trifle bowl, you can layer this in 9x13” pan and it will still work great!This is best if made and enjoyed on the same day.