Step 1: Prepare the Pudding Mixture

1. In a large mixing bowl, whisk together instant vanilla pudding mix, cold milk, and sweetened condensed milk until smooth.
2. Let the mixture sit for 5 minutes to thicken.

Step 2: Make the Cream Cheese Layer

1. In a separate bowl, beat cream cheese and sugar with an electric mixer until light and fluffy.
2. Add vanilla extract and mix again until combined.

Step 3: Whip the Heavy Cream

1. In another bowl, whip heavy whipping cream on high speed until stiff peaks form.
2. Gently fold the whipped cream into the cream cheese mixture using a rubber spatula.

Step 4: Assemble the Layers

1. Start with a layer of vanilla wafers at the bottom of a trifle dish or baking dish.
2. Add a layer of banana slices evenly on top of the wafers.
3. Spread a layer of the pudding mixture over the bananas.
4. Repeat the layers until all ingredients are used, finishing with a pudding layer.
5. Top with extra whipped cream and crushed wafers for an elegant touch.

Step 5: Chill & Serve

1. Cover with plastic wrap and refrigerate for at least 4 hours (overnight is best for enhanced flavor).
2. Serve chilled and enjoy!