<PAGE>   1

================================================================================


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-Q

(Mark One)


   [X]          QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934

                 For the quarterly period ended March 31, 1999

                                       OR

   [ ]          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

                        Commission file number: 33-45417

                             THE BISYS GROUP, INC.

             (Exact name of registrant as specified in its charter)

             DELAWARE                                   13-3532663

(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)

                    150 CLOVE ROAD, LITTLE FALLS, NEW JERSEY
                                     07424

                    (Address of principal executive offices)
                                   (Zip Code)

                                  973-812-8600

              (Registrant's telephone number, including area code)


INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING
THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS
REQUIRED TO FILE SUCH REPORT(S), AND (2) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENTS FOR THE PAST 90 DAYS.

Yes   X    No
     ---      ---

INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF
COMMON STOCK, AS OF THE LATEST PRACTICABLE DATE:

           Class                            Shares Outstanding at April 26, 1999
--------------------------------------      ------------------------------------
Common Stock, par value $.02 per share                      26,962,831
                                            ------------------------------------

                      This document contains   14   pages.
                                            --------


================================================================================

<PAGE>   2


                             THE BISYS GROUP, INC.

                               INDEX TO FORM 10-Q


<TABLE>
<CAPTION>
PART I.  FINANCIAL INFORMATION                                                                            PAGE
<S>      <C>                                                                                              <C>

         Item 1.  Financial Statements

                  Condensed Consolidated Balance Sheet as of March 31, 1999
                     and June 30, 1998                                                                      3

                  Condensed Consolidated Statement of Operations for the three and nine months
                     ended March 31, 1999 and 1998                                                          4

                  Condensed Consolidated Statement of Cash Flows for the nine months 
                     ended March 31, 1999 and 1998                                                          5

                  Notes to Condensed Consolidated Financial Statements                                      6


         Item 2. Management's Discussion and Analysis of Results of Operations
                 and Financial Condition                                                                    8


PART II.  OTHER INFORMATION

         Item 6. Exhibits and Reports on Form 8-K                                                          12


SIGNATURES                                                                                                 13


EXHIBIT INDEX                                                                                              14
</TABLE>



                                       2
<PAGE>   3



                                     PART I

                          ITEM 1. FINANCIAL STATEMENTS

                     THE BISYS GROUP, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEET
                  (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                March 31,            June 30,
                                                                                   1999                1998
                                                                                ---------           ---------
ASSETS
<S>                                                                             <C>                 <C>      
Current assets:
  Cash and cash equivalents                                                     $  38,778           $  93,403
  Accounts receivable, net                                                         94,205              73,693
  Deferred tax asset                                                                3,926               4,660
  Other current assets                                                             15,206               8,484
                                                                                ---------           ---------
     Total current assets                                                         152,115             180,240
Property and equipment, net                                                        51,018              37,478
Intangible assets, net                                                            140,544             102,663
Other assets                                                                       26,159              13,720
                                                                                ---------           ---------
     Total assets                                                               $ 369,836           $ 334,101
                                                                                =========           =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Current maturities of long-term debt                                          $    --             $     124
  Accounts payable                                                                 18,110              11,626
  Short-term borrowings                                                             5,000                --
  Other current liabilities                                                        71,625              70,668
                                                                                ---------           ---------
     Total current liabilities                                                     94,735              82,418
Long-term debt                                                                       --                 1,578
Deferred tax liability                                                             11,949              10,451
Other liabilities                                                                   5,574               1,364
                                                                                ---------           ---------
     Total liabilities                                                            112,258              95,811
                                                                                ---------           ---------

Stockholders' equity:
  Common stock, $.02 par value, 80,000,000 shares authorized,
  26,952,988 and 26,670,388 shares issued, respectively                               539                 533
  Additional paid-in capital                                                      190,141             173,683
  Retained earnings                                                                76,370              66,229
  Less treasury stock at cost, 167,117 and 57,895 shares, respectively             (9,472)             (2,155)
                                                                                ---------           ---------
     Total stockholders' equity                                                   257,578             238,290
                                                                                ---------           ---------
     Total liabilities and stockholders' equity                                 $ 369,836           $ 334,101
                                                                                =========           =========
</TABLE>


   The accompanying notes are an integral part of the condensed consolidated
                             financial statements.




                                       3
<PAGE>   4



                     THE BISYS GROUP, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                            Three Months Ended                   Nine Months Ended
                                                                 March 31,                            March 31,
                                                        --------------------------          --------------------------
                                                          1999              1998              1999              1998
                                                          ----              ----              ----              ----
<S>                                                     <C>               <C>               <C>               <C>     
Revenues                                                $121,302          $ 98,951          $335,184          $281,844
                                                        --------          --------          --------          --------
Operating costs and expenses:
  Service and operating                                   67,170            56,251           190,937           164,140
  General and administrative                              17,105            13,873            50,479            43,451
  Selling and conversion                                   5,562             4,195            16,680            12,729
  Research and development                                 2,516             2,875             8,632             8,600
  Amortization of intangible assets                        1,935               965             5,395             2,744
  Merger expenses and other charges                         --                --                 400            11,998
  Acquired in-process research and development              --                --              19,000              --
                                                        --------          --------          --------          -------- 
Operating earnings                                        27,014            20,792            43,661            38,182
Interest income, net                                         317             1,428             1,357             3,478
                                                        --------          --------          --------          --------
Income before income taxes                                27,331            22,220            45,018            41,660
Income taxes                                              10,931             8,888            25,608            16,691
                                                        --------          --------          --------          --------
Net income                                              $ 16,400          $ 13,332          $ 19,410          $ 24,969
                                                        ========          ========          ========          ========

Basic earnings per share                                $   0.61          $   0.51          $   0.73          $   0.95
                                                        ========          ========          ========          ========

Diluted earnings per share                              $   0.58          $   0.49          $   0.70          $   0.92
                                                        ========          ========          ========          ========
</TABLE>


   The accompanying notes are an integral part of the condensed consolidated
                             financial statements.




                                       4
<PAGE>   5


                     THE BISYS GROUP, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                 (IN THOUSANDS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                               Nine Months Ended
                                                                                                   March 31,
                                                                                        ------------------------------
                                                                                           1999                1998
                                                                                           ----                ----
<S>                                                                                     <C>                 <C>      
Cash flows from operating activities:
Net income                                                                              $  19,410           $  24,969
Adjustments to reconcile net income to net cash provided
  by operating activities:
  Depreciation and amortization                                                            16,585              10,795
  Write-off of acquired in-process research and development                                19,000                --
  Deferred income tax provision                                                             3,945               2,314
  Change in operating assets and liabilities, net of effects from acquisitions            (32,466)             12,387
                                                                                        ---------           ---------
Net cash provided by operating activities                                                  26,474              50,465
                                                                                        ---------           ---------

Cash flows from investing activities:
  Acquisition of businesses                                                               (20,340)               --
  Net cash acquired in acquisitions                                                         4,554               1,490
  Capital expenditures, net                                                               (21,775)            (13,149)
  Proceeds from sales of investments                                                         --                 1,203
  Purchase of investments                                                                  (2,952)             (6,515)
  Purchase of intangible assets                                                              (290)             (1,564)
  Other                                                                                       232                 583
                                                                                        ---------           ---------
Net cash used in investing activities                                                     (40,571)            (17,952)
                                                                                        ---------           ---------

Cash flows from financing activities:
  Proceeds from short-term borrowings                                                      20,000                --
  Repayment of short-term borrowings                                                      (15,000)               --
  Repayment of debt                                                                        (1,051)             (2,115)
  Issuance of common stock                                                                  1,691               1,369
  Proceeds from exercise of stock options                                                  10,040               4,450
  Repurchases of common stock                                                             (56,208)               --
                                                                                        ---------           ---------
Net cash provided by (used in) financing activities                                       (40,528)              3,704
                                                                                        ---------           ---------

Net increase (decrease) in cash and cash equivalents                                      (54,625)             36,217

Cash and cash equivalents at beginning of period                                           93,403              79,951
                                                                                        ---------           ---------

Cash and cash equivalents at end of period                                              $  38,778           $ 116,168
                                                                                        =========           =========
</TABLE>


   The accompanying notes are an integral part of the condensed consolidated
                             financial statements.




                                       5
<PAGE>   6


                     THE BISYS GROUP, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

1.       THE COMPANY

         The BISYS(R) Group, Inc. and subsidiaries (the "Company") is a leading
         national provider of outsourcing solutions to and through financial
         organizations.

         The condensed consolidated financial statements include the accounts of
         The BISYS Group, Inc. and its subsidiaries and have been prepared
         consistent with the accounting policies reflected in the 1998 Annual
         Report on Form 10-K filed with the Securities and Exchange Commission
         and should be read in conjunction therewith. The condensed consolidated
         financial statements include all adjustments (consisting only of normal
         recurring adjustments) which are, in the opinion of management,
         necessary to present fairly this information.

2.       USE OF ESTIMATES

         The preparation of financial statements in conformity with generally
         accepted accounting principles requires management to make certain
         estimates and assumptions that affect the reported amounts of assets
         and liabilities and disclosure of contingent assets and liabilities at
         the date of the financial statements and the reported amounts of
         revenue and expenses during the reporting period. The most significant
         estimates are related to the allowance for doubtful accounts,
         intangible assets, merger expenses and other charges, acquired
         in-process research and development, income taxes and contingencies.
         Actual results could differ from these estimates in the near term.

3.       EARNINGS PER SHARE

         Basic and diluted EPS computations for the three and nine months ended
         March 31, 1999 and 1998 are as follows (in thousands, except per share
         amounts):

<TABLE>
<CAPTION>
                                                                   Three Months Ended                    Nine Months Ended
                                                                        March 31,                            March 31,
                                                             ----------------------------          ---------------------------
                                                               1999                1998               1999              1998
                                                               ----                ----               ----              ----
         <S>                                                 <C>                <C>                <C>                <C>
         Basic EPS
         ---------
         Net income                                          $  16,400          $  13,332          $  19,410          $ 24,969
                                                             =========          =========          =========          ========

         Weighted average common shares outstanding             26,841             26,374             26,610            26,227
                                                             =========          =========          =========          ========

         Basic earnings per share                            $    0.61          $    0.51          $    0.73          $   0.95
                                                             =========          =========          =========          ========
</TABLE>

<TABLE>
<CAPTION>
                                                                   Three Months Ended                    Nine Months Ended
                                                                        March 31,                            March 31,
                                                             ----------------------------          ---------------------------
                                                               1999                1998               1999              1998
                                                               ----                ----               ----              ----
         <S>                                                 <C>                <C>                <C>                <C>
         Diluted EPS
         -----------
         Net income                                          $  16,400          $  13,332          $  19,410          $ 24,969
                                                             =========          =========          =========          ========

         Weighted average common shares outstanding             26,841             26,374             26,610            26,227

         Assumed conversion of common shares issuable
         under stock option plans                                1,406                994              1,172             1,021
                                                             ---------          ---------          ---------          --------

         Weighted average common and common equivalent
         shares outstanding                                     28,247             27,368             27,782            27,248
                                                             =========          =========          =========          ========

         Diluted earnings per share                          $    0.58          $    0.49          $    0.70          $   0.92
                                                             =========          =========          =========          ========
</TABLE>



                                       6
<PAGE>   7


         Certain stock options were not included in the computation of diluted
         EPS because the option's exercise price was greater than the average
         market price of common shares during the period, as follows (in
         thousands, except per share amounts):

<TABLE>
<CAPTION>
                                                                   Three Months Ended                    Nine Months Ended
                                                                        March 31,                            March 31,
                                                             ----------------------------          ---------------------------
                                                               1999                1998               1999              1998
                                                               ----                ----               ----              ----
         <S>                                                 <C>             <C>                     <C>           <C>
         Number of options excluded                              0                 985                 81               985

         Option price per share                                 NA           $36.50 to $39.00        $48.00       $36.50 to $39.00
</TABLE>


4.       BUSINESS COMBINATIONS

         On July 16, 1998, the Company completed its acquisition of Corelink
         Resources, Inc. (Corelink), which the Company has held a minority
         interest in since fiscal 1995. On August 10, 1998, the Company acquired
         Potomac Insurance Marketing Group, Inc. (Potomac). Both transactions
         have been accounted for by the purchase method of accounting and
         involved total cash consideration of $20.3 million. The operations of
         both Corelink and Potomac are included in the consolidated results of
         operations from the dates of acquisition. Pro forma information has not
         been presented due to lack of materiality.

         On September 16, 1998, the Company completed its acquisition of
         Greenway Corporation (Greenway) through the issuance of 968,202 shares
         of BISYS common stock held in treasury and issuance of 148,795
         equivalent stock options for all of the outstanding shares and stock
         options of Greenway. The acquisition, valued at approximately $43.8
         million, was treated as a purchase for accounting purposes, and,
         accordingly, the assets and liabilities were recorded based on their
         fair values at the date of the acquisition. Of the total purchase
         price, $15.6 million was allocated to goodwill, $7.4 million to other
         identifiable intangible assets, and $1.8 million to net tangible
         assets. In addition, $19.0 million was allocated to acquired in-process
         research and development, which was charged to operations at the time
         of the acquisition. Greenway's operations are included in the
         consolidated results of operations from the date of the acquisition.
         Pro forma information has not been presented due to lack of
         materiality.

5.       SUBSEQUENT EVENTS

         In April 1999, the Company completed its acquisition of EXAMCO, Inc.
         (EXAMCO) and Poage Insurance Services (Poage). EXAMCO, based in New
         Orleans, Louisiana, is a leading provider of Internet-based
         professional certification training and continuing education for the
         financial services industry. Poage, headquartered in Sacramento,
         California, is a leading independent life insurance distributor serving
         the western United States.

         Both transactions have been accounted for by the purchase method of
         accounting and involved total consideration of approximately $23.1
         million, including issuance of 155,378 shares of BISYS common stock
         held in treasury valued at $8.8 million.


                                       7
<PAGE>   8
6. ITEM 2.           MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The Company provides outsourcing solutions to and through financial
organizations which is reported as a single segment. The following table
presents the percentage of revenues represented by each item in the Company's
condensed consolidated statement of operations for the periods indicated:

<TABLE>
<CAPTION>
                                                             Three Months Ended             Nine Months Ended
                                                                 March 31,                      March 31,
                                                          ----------------------          ---------------------
                                                           1999            1998            1999            1998
                                                          -----           -----           -----           -----
<S>                                                       <C>             <C>             <C>             <C>   
Revenues                                                  100.0%          100.0%          100.0%          100.0%
                                                          -----           -----           -----           -----

Operating costs and expenses:
  Service and operating                                    55.4            56.9            57.0            58.2
  General and administrative                               14.1            14.0            15.1            15.4
  Selling and conversion                                    4.6             4.2             5.0             4.5
  Research and development                                  2.1             2.9             2.6             3.0
  Amortization of intangible assets                         1.6             1.0             1.6             1.0
  Merger expenses and other charges                        --              --               0.1             4.3
  Acquired in-process research and development             --              --               5.6            --   
                                                          -----           -----           -----           -----

Operating earnings                                         22.2            21.0            13.0            13.6
Interest income                                             0.3             1.4             0.4             1.2
                                                          -----           -----           -----           -----

Income before income taxes                                 22.5            22.4            13.4            14.8
Income taxes                                                9.0             9.0             7.6             5.9
                                                          -----           -----           -----           -----
Net income                                                 13.5%           13.4%            5.8%            8.9%
                                                          =====           =====           =====           =====
</TABLE>

COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 1999 WITH THE THREE MONTHS ENDED
MARCH 31, 1998.

         Revenues increased 22.6% from $99.0 million for the three months ended
         March 31, 1998 to $121.3 million for the three months ended March 31,
         1999. This growth was derived from sales to new clients, existing
         client growth, cross sales to existing clients and revenues from
         acquired businesses, partially offset by lost business.

         Service and operating expenses increased 19.4% from $56.3 million
         during the three months ended March 31, 1998 to $67.2 million for the
         three months ended March 31, 1999, and decreased as a percentage of
         revenues from 56.9% to 55.4%. The dollar increase resulted from
         additional costs associated with greater revenues.

         General and administrative expenses increased 23.3% from $13.9 million
         during the three months ended March 31, 1998, to $17.1 million for the
         three months ended March 31, 1999, and increased as a percentage of
         revenues from 14.0% to 14.1%. The increases primarily resulted from
         additional costs associated with recent acquisitions.

         Interest income was $1.1 million less for the three months ended March
         31, 1999 compared to the same period last year due to the lower levels
         of invested cash and cash equivalents and higher interest expense
         associated with short-term borrowings.

         The income tax provision of $10.9 million for the three months ended
         March 31, 1999 increased from $8.9 million for the three months ended
         March 31, 1998 due to higher taxable income. The provision represents
         an effective tax rate of 40% for both periods.

COMPARISON OF THE NINE MONTHS ENDED MARCH 31, 1999 WITH THE NINE MONTHS ENDED
MARCH 31, 1998.

         Revenues increased 18.9% from $281.8 million for the nine months ended
         March 31, 1998 to $335.2 million for the nine months ended March 31,
         1999. This growth was derived from sales to new clients, existing
         client growth, cross sales to existing clients and revenues from
         acquired businesses, partially offset by lost business.

         Service and operating expenses increased 16.3% from $164.1 million
         during the nine months ended March 31, 1998 to $190.9 million for the
         nine months ended March 31, 1999, and decreased as a percentage of
         revenues from 58.2% to 57.0%. The dollar increase resulted from
         additional costs associated with greater revenues.


                                       8
<PAGE>   9
         General and administrative expenses increased 16.2% from $43.5 million
         during the nine months ended March 31, 1998, to $50.5 million for the
         nine months ended March 31, 1999, and decreased as a percentage of
         revenues from 15.4% to 15.1%. The dollar increase primarily resulted
         from additional costs associated with recent acquisitions. The decrease
         as a percentage of revenues resulted from further utilization of
         existing general and administrative support resources.

         Amortization expense increased 96.7% from $2.7 million during the nine
         months ended March 31, 1998, to $5.4 million for the nine months ended
         March 31, 1999. This increase primarily reflects the amortization
         related to intangibles resulting from recent acquisitions.

         Interest income during the nine months ended March 31, 1999, was $1.4
         million compared to $3.5 million for the same period last year. This
         was a result of higher levels of borrowings and liquidation of cash
         equivalents related to funding of acquisitions.

         During the nine months ended March 31, 1999, the Company wrote off
         $19.0 million of acquired in-process research and development
         associated with the acquisition of Greenway and incurred $0.4 million
         of merger-related expenses.

         The income tax provision of $25.6 million for the nine months ended
         March 31, 1999 increased from $16.7 million for the nine months ended
         March 31, 1998 primarily due to higher taxable income. The provision
         represents an effective tax rate of 40% for both periods, excluding the
         nonrecurring nondeductible charge of $19.0 million related to acquired
         in-process research and development incurred during the nine months
         ended March 31, 1999.

LIQUIDITY AND CAPITAL RESOURCES

         At March 31, 1999, the Company had cash and cash equivalents of $38.8
         million and working capital of approximately $57.4 million. At March
         31, 1999, the Company had outstanding borrowings of $5.0 million
         against its revolving credit facility to support working capital
         requirements. The credit facility bears interest at LIBOR plus a margin
         of .625%, or 5.625% at March 31, 1999. At March 31, 1999, the Company
         had $0.6 million outstanding in the form of letters of credit.

         Other current assets included in the accompanying balance sheet consist
         primarily of prepaid expenses, inventory, and customer funds required
         to be segregated that are held by the Company's Brokerage Services
         division that was acquired in July 1998. Customer funds required to be
         segregated may vary significantly from period to period and
         approximated $5.9 million at March 31, 1999 and $0 at June 30, 1998.

         For the nine months ended March 31, 1999, operating activities provided
         cash of $26.5 million. Changes in operating assets and liabilities, net
         of effects from acquisitions, utilized cash of $32.5 million as a
         result of increases in accounts receivable due to revenue growth and
         reduction in accrued liabilities due largely to payments associated
         with client marketing programs that are administered by the Company's
         Fund Services division. Investing activities used cash of $40.6 million
         primarily for the acquisition of businesses of $20.3 million and
         capital expenditures of $21.8 million offset by cash acquired in
         acquisitions of $4.6 million. Financing activities used cash of $40.5
         million primarily for the repurchase of common stock of $56.2 million
         offset by net borrowings of $5.0 million and approximately $10.0
         million of proceeds from the exercise of stock options.

         In January 1999, the Company's Board of Directors authorized a new
         stock buy-back program of up to $100 million of its outstanding common
         stock. Purchases will occur from time-to-time in the open market to
         offset the possible dilutive effect of shares to be issued under
         employee benefit plans, for possible use in future acquisitions and for
         general and other corporate purposes. This new program supersedes and
         replaces the share repurchase program previously authorized by the
         Board of Directors.

         Under the Company's stock buy-back programs, the Company has purchased
         approximately 1.4 million shares of its common stock during fiscal year
         1999 for approximately $60.4 million in order to effect the
         acquisitions of Greenway and EXAMCO and for issuance of stock in
         connection with the exercise of stock options. Since January 1999, the
         Company has purchased 166,500 shares of its common stock under the new
         stock buy-back program for approximately $9.4 million.


                                       9
<PAGE>   10


ACQUIRED IN-PROCESS RESEARCH AND DEVELOPMENT

         In September 1998, the Company acquired Greenway Corporation (Greenway)
         through the issuance of common stock valued at approximately $43.8
         million. Of the total purchase price, $19.0 million was allocated to
         acquired in-process research and development, which was charged to
         operations at the time of acquisition.

         The amount allocated to acquired in-process research and development
         was based on an independent appraisal, employing a discounted cash flow
         approach, and relates to the development of enhanced products for the
         Company's check imaging software. At the acquisition date, the products
         were estimated to be between 50% and 75% complete.

         Significant assumptions used in the valuation of the acquired
         in-process research and development were as follows:

                 Estimated costs to complete           $2.1 million
                 Anticipated completion date           January 2000
                 Projected annual revenues             $30 million
                 Discount rate                             20%
                 Discount period                         9 years

         Currently, the development efforts are proceeding ahead of schedule.
         Technological feasibility was attained in the fiscal third quarter, and
         it is anticipated that development efforts will be completed by the end
         of the fiscal year.

         Research and development expenditures related to this product
         development effort, prior to attaining technological feasibility,
         approximated $500,000 for the nine months ended March 31, 1999, and are
         included in the consolidated statement of operations.

YEAR 2000

         The Company is addressing the Year 2000 issues associated with its
         existing computer systems and software applications utilizing both
         internal and external resources to identify and remediate these matters
         throughout the organization. The Company has completed its risk
         assessment and testing plans for internal mission critical information
         systems and continues to remediate other systems that are not currently
         Year 2000 ready. The Company anticipates that all of its internal
         mission critical information systems will be tested and Year 2000 ready
         prior to June 30, 1999. In the event such systems are not Year 2000
         ready by December 31, 1999, it could have a material adverse impact on
         the Company's business and results of operations.

         The Company uses third party provided software and systems in certain
         of its businesses for such tasks as account and information statement
         processing, fund accounting, and 401(k) plan record keeping. If third
         parties upon which the Company depends, including telecommunications
         and electrical power providers, are unable to address their Year 2000
         issues in a timely manner, it could result in a material adverse
         financial risk to the Company. In order to minimize this risk, the
         Company is devoting resources necessary to develop appropriate business
         continuity plans. These contingency plans will include alternative
         systems and vendors, disaster recovery hot sites, alternative power
         sources, and manual processes. These contingency plans are expected to
         be substantially completed by June 30, 1999.

         The Company's Year 2000 progress, the testing of remediated software,
         and contingency plans have been and will continue to be the subject of
         independent verification and validation by the Company's Internal Audit
         function. Internal Audit reports on Year 2000 are reviewed by senior
         management and the Company's Board of Directors.

         The Company believes it has developed an effective plan to address the
         Year 2000 issues and that, based on available information, its Year
         2000 transition will not have a material effect on its business,
         operations, or financial results. The Company anticipates expenditures
         for Year 2000 testing and remediation in the range of $2.0 to $3.0
         million in fiscal 1999 and less than $1.5 million in the first half of
         fiscal 2000. During the nine months ended March 31, 1999, the Company
         incurred Year 2000 expenditures of approximately $1.8 million.


                                       10
<PAGE>   11


SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

         Except for the historical information contained herein, the matters
         discussed in this quarterly report are forward-looking statements which
         involve risks and uncertainties, including but not limited to economic,
         competitive, governmental and technological factors affecting the
         Company's operations, markets, services and related products, prices,
         and other factors discussed in the Company's prior filings with the
         Securities and Exchange Commission. Although the Company believes that
         the assumptions underlying the forward-looking statements contained
         herein are reasonable, any of the assumptions could be inaccurate.
         Therefore, there can be no assurance that the forward-looking
         statements included in this quarterly report will prove to be accurate.
         In light of the significant uncertainties inherent in the
         forward-looking statements included herein, the inclusion of such
         information should not be regarded as a representation by the Company
         or any other person that the objectives and plans of the Company will
         be achieved.








                                       11
<PAGE>   12


                                     PART II

ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

         (a)      EXHIBITS

                  None.

         (b)      REPORTS ON FORM 8-K

                  None.













                                       12
<PAGE>   13


                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                            THE BISYS GROUP, INC.



Date:     May 14, 1999      By:   /s/ Dennis R. Sheehan
     ---------------------     -------------------------------------------------
                            Dennis R. Sheehan
                            Executive Vice President and Chief Financial Officer
                            (Duly Authorized Officer)










                                       13
<PAGE>   14


                              THE BISYS GROUP, INC.
                                  EXHIBIT INDEX


<TABLE>
<CAPTION>
       EXHIBIT NO.                                                                             PAGE
       <C>        <S>                                                                    <C>
         (27)     Financial Data Schedule...............................................(electronic only)
</TABLE>






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