"Industry wide, KiwiSavers are reporting a lacking transparency about fund performance and fees they're paying.
"Non-bank funds are standing out when it comes to performance, so the major banks do have some work to do to lift their standards and come up to speed."
Asked to respond to the low score an ANZ spokeswoman said it had a strong focus on customer experience and delivering good investment outcomes for its members.
"This includes evaluating feedback on how we communicate with members to ensure we're providing and enhancing the level of service they expect from us as their KiwiSaver provider.
"Our highly experienced investment management team focuses on quality investments and long-term performance. Our approach to investing means we monitor local and global markets to identify what we believe are the best opportunities to optimise our members' investment. This approach has consistently delivered strong returns after fees for our members over the long term."
A spokesperson for ASB said the bank had worked hard over the past 12 months to improve in terms of customer satisfaction.
"We have considerably increased our communications with customers and the content available to them, for example, we now produce regular investor updates and blog articles and our ASB Investment Podcast, which has almost 50 episodes to date.
"Our focus through these comms has been to support our KiwiSaver members and provide guidance and information on everything from market activity, managing volatility and financial wellbeing through to fund performance, fees, responsible investment and information on all of the tools we have available to provide additional help."
Simplicity was rated the top fund with a 77 per cent satisfaction score while Milford Asset Management was tied for second place with Generate on 67 per cent.
Duffy said the research also showed information gaps with just 19 per cent feeling they would have enough in their account when they retired.
Three-quarters of those surveyed didn't know what they paid in fees and 60 per cent didn't know how well their fund was doing compared to others.
Only one in four felt it was easy to compare KiwiSaver providers.
Members can undertake a comparison of funds on their fees and the performance of their fund on the Sorted Smart Investor tool.
Annual member statements, which have recently been either posted or emailed to members, also contain information on fees, performance of the fund and have an estimate of what a person will have in their KiwiSaver account by age 65 at their current rate of savings.
The Sorted website also has calculators which can help people work out if they are on track saving for their retirement.
The Consumer research also found 45 per cent of those surveyed said a fund which provided both good returns and invests responsibly were equally important.
A further 13 per cent wanted a fund that invested responsibly even if it provided a lower return.
Most of those questioned were unsure if their funds invested in companies involved in gambling, tobacco and weapons.
KiwiSaver members can find out if their fund is invested ethically by going to comparison siteMindful Money.
