I don't think that this scheme is for any site ... banking sites just want to be more secure... but it is very much better, than setting pw="123" on all websites, you don't care to much.
BTW: I also described a similar idea some time ago in a blog post: http://strategieneu.blogspot.de/2014/06/email-only-registrat...
After I wrote it, that such ideas where discussed at HN even some time ago.