That's actually very similar to what we have, minus the option to change to a different bank, since all our banks are using the same 2FA app and there's not really any other options or at least not better options. This is a very bad system, building our society on a proprietary app from a private company, but... that's where we are unfortunately. Actually, recently our government has realized this and is developing a neutral state controlled 2FA app, but it will only run under android and iOS, so... yeah.