In a large mixing bowl, whisk the instant vanilla pudding mix with milk according to package instructions until smooth. Set aside.

In another bowl, beat the softened cream cheese until creamy and gradually blend in the prepared pudding mixture.

Gently fold in the whipped topping until well combined.

In a glass dish or trifle bowl, layer Nilla Wafers at the bottom, followed by sliced bananas and half of the creamy mixture. Repeat layers until finished.

Cover with plastic wrap and chill in the refrigerator for at least four hours or overnight.

Before serving, garnish with additional banana slices or crushed Nilla Wafers.