Place half of cream cheese, chocolate Nesquik, and 2 tablespoons milk in medium mixer bowl; beat until smooth and creamy. Fold in half of whipped topping.
Divide between eight 4-ounce cups. Place a few banana slices over chocolate mixture. Clean mixer bowl.
Place remaining cream cheese, strawberry Nesquik, and remaining 2 tablespoons milk in small mixer bowl; beat until smooth and creamy. Fold in remaining whipped topping.
Spoon strawberry mixture evenly over bananas; top evenly with strawberries. Serve immediately or refrigerate until ready to serve.
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