In a large bowl, mix the cream cheese until it becomes smooth.
Add the sweetened condensed milk, whole milk, and instant vanilla pudding to the bowl.
Beat on high for 2 minutes until well blended.
Fold in half of the Cool Whip until combined.
In a 3-quart trifle bowl, arrange a single layer of vanilla wafers at the bottom and along the sides.
Spoon one-third of the pudding mixture over the wafers.
Add a layer of banana slices on top of the pudding.
Repeat the layers until you have used up all ingredients.
Top it off with the remaining whipped cream.