Can it be used on an ecommerce or banking website?

In practice, I'm not sure. Home, Search, Glossary, Help and Copyright all seem relevant here. Login would be a nice addition. For commercial sites I can imagine My Account and Shopping Cart being useful in the same way—though the browser would need to apply the same security defences it does against other kinds of navigation.

That brings me to another point: link element navigation is a GUI helper for hackable URLs. It provides a way to standardise on existing navigation conventions and make the choices easy to select.