No. That property does not characterize Hilbert spaces. Let $H$ be an infinite dimensional separable Hilbert space. Let $K$ be the space of all bounded sequences $(x_n)_{n=0}^{\infty}$ where $x_n\in H$ for each $n$. Then $K$ is a normed vector space with norm $\|(x_n)_n\|=\sup\{\|x_n\|:n\geq 0\}$, and it is not too hard to see that $K$ is a Banach space.
Suppose now that $(x_n)_{n\in\omega}\in K$. Then let
$\alpha_n=\|x_n\|$ whenever $n\geq 0$. Let $(x_{n,m})_{n\geq 0,m\geq 0}$ be a collection such $x_{n,0}=x_n$ for each $n$, for each $n$, the set $(x_{n,m})_{m\geq 0}$ is orthogonal, and where $\|x_{n,m}\|=\alpha_n$ for each $n.$
Let $\mathbf{x}_m=(x_{n,m})_{n\geq 0}$. Let $W$ be the subspace of $K$ spanned by $(\mathbf{x}_m)_{m\geq 0}$. Then whenever
$\|\beta_1\mathbf{x}_1+\dots+\beta_r\mathbf{x}_r\|=|\beta_1|^2\cdot\|\mathbf{x}_1\|+\dots+|\beta_r\|^2\cdot\|\mathbf{x}_r\|^2$. In other words, the induced norm on $W$ is induced by an inner product.
On the other hand, $K$ is very far from being an inner product space since $K$ has a copy of $\ell^\infty$.