The 2nd factor is the phone number on file, which offloads liability for errors in that mechanism to the phone company.
The goal is to reduce the amount of decisions the teller makes, so as to reduce the amount of errors they can make, which also reduces the amount of training they need, all of which reduces costs.
It’s really interesting how the lack of US federal government stepping in to provide an official electronic identity verification API has resulted in the mobile phone networks becoming the de facto arbiters of identity. Even for government services.
I don’t even think I could trust having my phone number on someone else’s mobile phone plan, as I would want to ensure I have as much control over it as possible.
With the benefit of hindsight, we'd have all been better off if SSNs had been so obviously flagrantly public that nobody would ever consider them a trust-factor.
"I know! We'll use this number that its issuing agency says is most definitely not to be used for identification purposes for identification purposes!" is real PHB thinking.