In a large bowl, whisk together the pudding mix, cold milk, and sweetened condensed milk for 2-3 minutes until thickened.

Let the pudding sit for 5 minutes to fully set. Slice bananas into 1/4-inch rounds and optionally toss with lemon juice to prevent browning.

If using fresh heavy cream, whip it with powdered sugar and vanilla extract until stiff peaks form.

Arrange a single layer of vanilla wafers to cover the bottom of a trifle dish or clear glass bowl.

Place a layer of sliced bananas over the wafers, then spoon about one-third of the pudding mixture over the bananas.

Spread about one-third of the whipped topping or whipped cream over the pudding layer.

Continue layering wafers, bananas, pudding, and whipped topping until the dish is full, ending with a whipped topping or pudding layer.

Cover the trifle and refrigerate for at least 4 hours, or preferably overnight, to allow flavors to meld and wafers to soften.