I have heard some say that raffia shrinks a little as it dries so it holds the wood tighter. Not sure if that's the case though.
I have used raffia, twine, electrical tape, hessian (burlap?) strips, vetwrap, and rubber strips from bicycle tube. The narrower strips are easier and neater to put on but they all seem to do the same thing if applied properly.
Twine and raffia can leave marks in the bark as the tree grows if they are left on too long. One fast growing juniper ended up with unsightly bulges immediately above and below the wrap and a constricted area where it was wrapped so watch the ends carefully and get it off if you see any sign of the bark bulging at either end. Just like wire, you can rewrap if it is still necessary but should be OK after the initial bending unless the trunk was split to facilitate easier bending.