My phone is encrypted and protected with a fairly strong password (12-digit PIN in my case). In addition, the mobile banking app is also protected with a different, fairly strong password. It has multi-factor authentication, but since that is a text to my phone that doesn't count here.
Since my life is on the phone and I use it to constantly stay in touch with family and friends, plus things like navigation, and quick look-ups of information, it is always on me. So much so that I'd sooner forget my wallet or car keys than my phone.
Finally, my phone is not only constantly backed up, it has, essentially, a GPS locator that I can use from my PC to to find it. Just enter "where's my android phone" into Google, assuming you're logged in to your Google account.