Step 1: Prepare the Custard: In a large bowl, whisk together the sweetened condensed milk and cold milk until well combined. Add the instant vanilla pudding mix and whisk for 2 minutes until the pudding begins to thicken.
Step 2: Incorporate Cream Cheese: In a separate bowl, beat the softened cream cheese until smooth and creamy. Gradually add the cream cheese to the pudding mixture, mixing until fully incorporated and smooth.
Step 3: Fold in Whipped Topping: Gently fold in the thawed whipped topping into the pudding mixture until well combined. Be careful not to overmix, as this can deflate the whipped topping.
Step 4: Layer the Ingredients: In a large trifle bowl or serving dish, create a layer of vanilla wafers on the bottom. Top with a layer of sliced bananas, followed by a layer of the pudding mixture.
Step 5: Repeat Layers: Repeat the layers of vanilla wafers, bananas, and pudding mixture until all ingredients are used, ending with a layer of pudding on top.
Step 6: Chill: Cover the bowl with plastic wrap and refrigerate for at least 4 hours, or preferably overnight, to allow the flavors to meld and the wafers to soften.
Step 7: Garnish and Serve: Before serving, garnish with additional vanilla wafers or banana slices, if desired. Serve chilled and enjoy.
For a richer flavor, consider using a high-quality vanilla extract in the custard. To prevent bananas from browning, toss them with a little lemon juice before layering. For a different flavor profile, try using banana cream pudding instead of vanilla.