In a medium bowl, whisk together the vanilla pudding mix and cold milk for 1–2 minutes until thickened. Set aside to chill.

In a separate bowl, beat the softened cream cheese with a mixer until smooth and lump-free. Add the powdered sugar and vanilla extract, and continue beating until creamy and fluffy.

Gently fold the prepared pudding into the cream cheese mixture until well combined. Next, fold in the whipped cream (or Cool Whip) just until the mixture is light and airy.

In a large trifle dish, deep bowl, or glass pan, begin layering in this order: A layer of vanilla wafers, a layer of banana slices, a layer of strawberry slices, and a layer of the pudding cream mixture. Repeat the layers until the dish is filled, finishing with a smooth layer of the pudding mixture on top.

Add a generous topping of whipped cream, and garnish with extra sliced strawberries and bananas.

Cover and refrigerate for at least 3–4 hours, or overnight if possible, to allow the cookies to soften and the flavors to blend beautifully.