Soften the cream cheese: Set the cream cheese out for 30–45 minutes until it’s very soft. This ensures a smooth, lump-free filling.
Make the pudding base: In a large bowl, whisk the cold milk and instant vanilla pudding mix for about 2 minutes until thickened. Let it sit for 2–3 more minutes to fully set.
Beat the cream cheese: In a separate bowl, beat the cream cheese with a hand mixer until fluffy and smooth, about 1–2 minutes.
Add the sweetened condensed milk and beat until fully blended and silky.
Combine and lighten: Fold the pudding into the cream cheese mixture until no streaks remain. Add vanilla extract and a tiny pinch of salt if you like. Gently fold in half of the whipped topping to lighten the filling.
Prep the bananas: Peel and slice the bananas into 1/4-inch rounds.
If using lemon juice, toss the slices lightly to slow browning. Pat dry with a paper towel to avoid excess moisture.
Layer the dessert: In a 9x13-inch dish or a large trifle bowl, start with a layer of vanilla wafers. Add half the banana slices on top.
Spoon half of the creamy filling over the bananas and spread evenly. Repeat with another layer of wafers, bananas, and the remaining filling.
Top it off: Spread the remaining whipped topping over the surface. For texture, crush a few wafers and sprinkle on top right before serving, or decorate with whole wafers around the edge.
Chill: Cover and refrigerate for at least 4 hours, preferably overnight.
This allows the wafers to soften and the flavors to meld.
Serve: Scoop into bowls or slice into squares. Add extra banana slices or wafer crumbs on top for a little flair.