Beat cream cheese with an electric mixer until fluffy. Add milk, condensed milk, sour cream, pudding mix, and vanilla extract and mix well. Fold in 1/2 of the whipped topping.
Mix sliced bananas with lemon juice.
Layer vanilla wafers, bananas, and pudding mixture in a clear baking dish or trifle bowl. Top with remaining whipped topping. Refrigerate for best flavor, 8 hours to overnight.