Sustainable FinTech Services
Rakuten's Approach
Financial service providers have the crucial role of helping people to engage in economic activities with peace of mind and to live predictable, stress-free lives. As a FinTech company with a portfolio covering banking, securities, insurance and payment solutions including credit cards, Rakuten strives to provide safe and convenient services. We are also committed to fulfilling its mission of contributing to society by improving the financial literacy of its customers and addressing social issues through its financial business assets.
*All links on this page redirect to content written in Japanese.
Consumer Financial Protection
Our FinTech companies have implemented a variety of protection measures to ensure the highest ethical standards so that our customers can feel safe entering into financial transactions to build and manage their assets.
Fulfilling Fiduciary Duty
Our FinTech businesses are conducted with our customers' interests in mind, from product development, to sales, financial advice, assess management, and more. This commitment to fulfilling our fiduciary duty is stated by the respective policies of each of our FinTech companies. The policies are and progress regarding the implementation of related initiatives are disclosed with transparency on our service websites.
Marketing and Advertising Policies
To protect the best interests of our existing and potential customers, Rakuten's FinTech companies have formulated and put into practice policies for appropriate and responsible sales and solicitation methods for their financial products.
Strengthening Security Measures
Ensuring the privacy and safety of customer data is the Rakuten Group's highest priority. Information related to financial services is particularly sensitive
and is subject to specific measures.
For more information on Rakuten Group's information security initiatives, visit
this page.
Examples of security measures implemented by Rakuten's FinTech companies
-
Rakuten Bank
Various measures including stronger authentication for logins and transactions, and usage restrictions to prevent unauthorized logins by third parties, are in place. Please see here for details. -
Rakuten Card
Introduced systems to detect fraudulent activities and obtained Information Security Management System (ISMS) Certification. Please see here for details. -
Rakuten Securities
Adopted stricter customer identity authentication using blockchain technology and measures to prevent ID and password theft. Please see here for details.
Accepting Customers Consultation on Loan Repayment
To assist customers who are facing financial difficulties, Rakuten Bank offers a dedicated contact point that provides consultation on loan repayment and changes in repayment conditions for mortgages and corporate loans. Rakuten Bank comprehensively examines the customer's situation, including prospects for income and expenditure, assets, and others when changing repayment conditions.
Maximizing Customer Satisfaction
Maximizing customer satisfaction is one of Rakuten's Five Principles for Success. Accordingly, our FinTech companies value the opinions, requests and feedback
shared with us by our customers and continuously work to enhance service quality.
For more information on Rakuten Group's quality initiatives, visit
this page.
Rakuten Bank
Customer feedback is reviewed and used to improve existing services as well as develop new services. Besides the Customer Center that receives and responds to
customer feedback, we provide channels to external organizations for consultation and dispute resolution regarding the banking business in general, and specific
financial product transactions.
In addition, the Compliance Supervisory Department monitors customer feedback to ensure that issues are properly addressed
and reports critical matters to the Compliance Committee for discussion.
Please visit
this page for examples of responses and improvements based on customer
feedback.
Rakuten Card
Rakuten Card conducts improvement cycles consisting of customer feedback collection and analysis, as well as planning, execution and verification of implemented
actions.
The department dedicated to customer feedback analysis investigates the status of issues and identifies the root causes for negative feedback.
Based on that analysis, new service developments and existing service improvements are then planned and implemented.
Please visit
this page for examples of
responses and enhancements based on customer feedback.
As a result of these continuous improvements, Rakuten Card has been ranked first in customer
satisfaction in the credit card industry for 14 consecutive years, beginning in 2009 and most recently in the 2022 JCSI (Japanese Customer Satisfaction Index)
Survey, released by the Japan Productivity Center.
Rakuten Securities
Customer feedback for Rakuten Securities is recorded at the Customer Service Center and reported to the dedicated department in charge of planning improvements.
Improvements involving system developments are discussed and considered at the regular meetings attended by the president of the company and its executives.
Please
visit here for examples of responses and improvements based on
customer feedback.
Rakuten Life Insurance
At Rakuten Life Insurance, the service improvement process based on customer feedback is illustrated by this chart. A Customer Service Improvement
Committee is organized to share customer feedback and related analysis, and discuss in a cross-departmental manner how to provide better services.
Please
visit
this page for
examples of responses and improvements based on customer feedback.
Rakuten General Insurance
Rakuten General Insurance has established a dedicated organization to collect and analyze customer feedback and share it with all executives and employees in charge on a daily basis. Customer complaints and countermeasures are reported monthly to the Customer Service Improvement Committee and the Board of Directors.
Rakuten Insurance General Information Center
At the Rakuten Insurance General Information Center, information related to customer satisfaction and service quality improvement is shared among relevant
departments promptly and reported monthly to the Customer Service Improvement Committee and the Board of Directors. Such analysis is leveraged to improve
services and operations, such as updating the content of the service website, including an insurance product comparison.
The number of complaints received
at Rakuten Securities, Rakuten Life Insurance, and Rakuten General Insurance is as follows:
| Companies | Result in FY2020 | Details |
|---|---|---|
| Rakuten Securities | FY2022: The complaint rate was 0.12% out of 521,086 calls received at the Customer Service Center. | here |
| Rakuten Life Insurance | FY 2022: The number of customer complaints received at the Customer Consultation Center was 2,736. | here |
| Rakuten General Insurance | FY2022: The number of customer complaints received at the Customer Consultation Center was 2,898. |
here (pg.56) |
Alternative Dispute Resolution System
Some customer complaints require the intervention of designated dispute resolution organizations, as established by the Alternative Dispute Resolution (ADR) system in the financial sector. The Financial ADR system is a procedure for settling disputes between customers and financial institutions through the involvement of a third party in a fair and neutral position, in order to avoid legal proceedings.
ADR system at Rakuten's FinTech companies
-
Rakuten Bank
Rakuten Bank contracts with the Japanese Bankers Association, the designated dispute resolution organization under the Banking Law -
Rakuten Card
Rakuten Card contracts with the Money Lending Business Consultation and Dispute Resolution Center of the Japan Financial Services Association, the designated dispute resolution organization for money lending businesses. -
Please visit the following pages for detailed information on the handling of customer complaints at each company.
Addressing Environmental and Social Issues through Financial Services
Financial Services is no exception when it comes to addressing global challenges. As we pave an actionable path towards sustainable finance for all, first and foremost, we strive to democratize finance and increase financial literacy. Our initiatives shown below are just a fraction of a wide-reaching Rakuten FinTech ecosystem.
Promoting Financial Inclusion
Financial services are the crucial foundation for a stable life. Nonetheless, some people do not have full access to - and therefore do not benefit from - the existing financial system. Rakuten strives to create a society where every individual can access financial services without being left behind.
Expanding Access to Financial Services
Rakuten has a variety of initiatives to offer financial services that meet different peoples' needs.
LGBTQ+ Couples
LGBTQ+ couples in Japan often face challenges as they usually do not have access to essential financial services targeting couples and families recognized by
law, such as obtaining a joint home loan with a partner, assigning insurance beneficiaries, and obtaining family credit cards. There are still only a few
municipalities that issue official documents certifying same-sex partnerships as equivalent to legal partnership.
To address this issue, Rakuten Bank
offers a home loan service for same-sex couples,
allowing them to jointly take out a housing loan based on their combined incomes, just like legally married couples, without any official document certifying
same-sex partnership. Family credit cards offered by Rakuten Card can be applied for by same-sex partners. Rakuten Life Insurance allows same-sex partners to be
assigned as beneficiaries of death benefits, and Rakuten Insurance also covers same-sex partners for some of its products.
Senior Citizens
Rakuten Bank offers reverse mortgages that allow senior homeowners to obtain loans for enjoying comfortable lives after retirement by using their homes as collateral while continuing to live there.
People with Disabilities
For supporting customers who have difficulty hearing and speaking, Rakuten Card offers a contact point that allows communication with operators via videophone and writing. Rakuten Life Insurance, Rakuten General Insurance and Rakuten Insurance General Information Center offer a telecommunications relay service through which operators can facilitate communication using sign language, text and voice.
Improving Financial Literacy
Rakuten has a variety of initiatives to offer financial services that meet different peoples' needs.
Financial Information Media
Rakuten Card's Minnano Manekatsu offers a wealth of useful
information related to cashless payments, taxes, insurance, money-saving tips, investment, and more.
Rakuten Securities operates an investment
information portal called Toushiru with the slogan, "getting familiar
with money and investment." Toushiru is one of the leading financial information sites distributed by an online securities company in terms of the
number of site visits. A large number of readers frequent the site because it provides rich content, updated daily, for investment beginners as well as
experienced individual investors.
-
As of Dec 2021
No. of users of Toushiru
3.14 Million+ -
As of Dec 2021
No. of users of Toushiru
16.3 Million+
Financial Education
Rakuten Securities supports customers in their asset building by offering a broad range of
seminars that take investors, regardless of their
level of experience, to the next step in investment, free of charge. In 2021, it conducted online workshops on financial market outlook, stocks to watch
and asset management.
In addition, the
official YouTube channel of Toushiru provides educational
content indispensable for building assets, such as how to select appropriate investment products.
In addition, Rakuten Securities works with
external education providers.Correspondence courses
are provided together with FISCO Ltd., which has extensive experience in investment education, so that customers can acquire the financial knowledge
they need.
-
FY2021 No. of
seminar participants
113,752 ppl -
FY 2021 Seminar
satisfaction of rate (avg.)
88.5 %
Promoting ESG Investing
ESG (Environmental, Social, and Governance) investing considers not only financial information such as sales revenue, profits and the value of assets held, but also the environmental, social and governance factors in investment decisions. Companies are thereby encouraged to conduct business with consideration to sustainability. It has been gaining importance as an effective way to address global challenges such as climate change and human rights abuse. To promote ESG investing in Japan, Rakuten Securities is expanding its lineup of ESG funds in equity investment trusts.
