This paper presents the results of the research conducted among postgraduate students to examine their criteria for bank selection. In the process of model development various research methods were applied: survey through which data from students was collected, descriptive statistics for data processing, clustering for grouping of data and factor analysis to reduce the data set and to define the criteria necessary for the model development. Finally, AHP model was developed and a sensitivity analysis was performed. Application of hybrid modelling resulted in the development of a complex model for decision making.