The 2-factor approach my bank takes (bit of detail at http://news.ycombinator.com/item?id=2634730), is what I consider a decent security/usability tradeoff.

When your phone has a NFC reader and your bank smartcard can talk to each other to handle it, even better. (Well, higher risk of intrusion because it's a multipurpose device, but way ahead in terms of usability)