“often involves user having to install apps on their phone”
What about using a PC? Do you think that would be applicable? We NEVER do anything financial on our phones, or even get email.
1 of the 2nd authentication apps I have to deal with also has a PC version. I don’t know about others.
Technically speaking it wouldn’t be anything financial on your phone. It’s just an app that you bring up when you’re logging in on your PC that sends a code (sometimes automatically, sometimes you have to enter the code on your PC) that basically says “yes, this login is legit”.