<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 DECEMBER 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
incorporation or organization)                    Identification No.)

                    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 January 26, 2000
--------------------------------------   --------------------------------------
Common Stock, par value $.02 per share                 27,597,343

                        This document contains 16 pages.


<PAGE>   2


                              THE BISYS GROUP, INC.

                               INDEX TO FORM 10-Q

<TABLE>
<CAPTION>
PART I.  FINANCIAL INFORMATION                                                                                  PAGE
<S>                                                                                                             <C>
         Item 1.  Financial Statements

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

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

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

                  Notes to Condensed Consolidated Financial Statements                                             6


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



PART II.  OTHER INFORMATION

         Item 4.  Submission of Matters to a Vote of Security Holders                                             13

         Item 6.  Exhibits and Reports on Form 8-K                                                                13

SIGNATURES                                                                                                        14

EXHIBIT INDEX                                                                                                     15
</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>
                                                                        December 31,      June 30,
                                                                            1999            1999
                                                                         ---------       ---------
<S>                                                                      <C>             <C>
ASSETS

Current assets:
  Cash and cash equivalents                                              $  53,745       $  49,589
  Accounts receivable, net                                                  93,782         104,608
  Deferred tax asset                                                         7,127           9,241
  Other current assets                                                      16,060          14,243
                                                                         ---------       ---------
     Total current assets                                                  170,714         177,681
Property and equipment, net                                                 58,551          54,855
Intangible assets, net                                                     196,278         194,852
Other assets                                                                31,397          32,273
                                                                         ---------       ---------
     Total assets                                                        $ 456,940       $ 459,661
                                                                         =========       =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Short-term borrowings                                                  $  46,000       $  52,000
  Accounts payable                                                          10,513          21,303
  Other current liabilities                                                 75,734          82,294
                                                                         ---------       ---------
     Total current liabilities                                             132,247         155,597
Deferred tax liability                                                      11,647           9,774
Other liabilities                                                            6,529           5,784
                                                                         ---------       ---------
     Total liabilities                                                     150,423         171,155
                                                                         ---------       ---------

Stockholders' equity:
  Common stock, $.02 par value, 80,000,000 shares authorized,
  27,470,169 and 27,091,270 shares issued, respectively                        549             542
  Additional paid-in capital                                               207,359         193,500
  Retained earnings                                                        110,005          94,550
  Less notes receivable from stockholders                                  (11,347)           --
  Less treasury stock at cost, 1,154 and 1,575 shares, respectively            (49)            (86)
                                                                         ---------       ---------
     Total stockholders' equity                                            306,517         288,506
                                                                         ---------       ---------
     Total liabilities and stockholders' equity                          $ 456,940       $ 459,661
                                                                         =========       =========
</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              Six Months Ended
                                                           December 31,                  December 31,
                                                       1999            1998           1999            1998
                                                    ---------       ---------      ---------       ---------
<S>                                                 <C>             <C>            <C>             <C>
Revenues                                            $ 138,044       $ 111,958      $ 270,357       $ 213,882
                                                    ---------       ---------      ---------       ---------
Operating costs and expenses:
  Service and operating                                81,121          63,895        161,119         123,767
  General and administrative                           19,217          16,989         38,754          33,374
  Selling and conversion                                6,841           6,079         13,258          11,118
  Research and development                              2,879           2,935          5,869           6,116
  Amortization of intangible assets                     2,984           1,952          5,634           3,460
  Merger expenses and other charges                      --              --             --               400
  Acquired in-process research and development           --              --             --            19,000
                                                    ---------       ---------      ---------       ---------
Operating earnings                                     25,002          20,108         45,723          16,647
Interest income (expense), net                           (497)            243           (747)          1,040
                                                    ---------       ---------      ---------       ---------
Income before income taxes                             24,505          20,351         44,976          17,687
Income taxes                                            9,579           8,142         17,767          14,677
                                                    ---------       ---------      ---------       ---------
Net income                                          $  14,926       $  12,209      $  27,209       $   3,010
                                                    =========       =========      =========       =========

Basic earnings per share                            $    0.55       $    0.46      $    1.00       $    0.11
                                                    =========       =========      =========       =========

Diluted earnings per share                          $    0.53       $    0.44      $    0.96       $    0.11
                                                    =========       =========      =========       =========
</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>
                                                                                          Six Months Ended
                                                                                             December 31,
                                                                                       -----------------------
                                                                                         1999           1998
                                                                                       --------       --------
<S>                                                                                    <C>            <C>
Cash flows from operating activities:
Net income                                                                             $ 27,209       $  3,010
Adjustments to reconcile net income to net cash provided by operating activities:
  Depreciation and amortization                                                          14,889         10,601
  Write-off of acquired in-process research and development                                --           19,000
  Deferred income tax provision                                                           2,571            778
  Change in operating assets and liabilities, net of effects from acquisitions           (9,200)       (32,226)
                                                                                       --------       --------
Net cash provided by operating activities                                                35,469          1,163
                                                                                       --------       --------

Cash flows from investing activities:
  Acquisition of businesses                                                                --          (20,340)
  Net cash acquired in acquisitions                                                        --            4,554
  Capital expenditures, net                                                             (13,749)       (13,710)
  Purchase of investments                                                                (2,600)        (2,899)
  Sale of investments                                                                     6,066           --
  Purchase of intangible assets                                                          (4,908)          (187)
  Other                                                                                      62            264
                                                                                       --------       --------
Net cash used in investing activities                                                   (15,129)       (32,318)
                                                                                       --------       --------

Cash flows from financing activities:
  Proceeds from short-term borrowings                                                    69,000         20,000
  Repayment of short-term borrowings                                                    (75,000)          --
  Repayment of debt                                                                        --             (275)
  Proceeds from exercise of stock options                                                 7,967          5,938
  Repurchases of common stock                                                           (18,151)       (50,968)
                                                                                       --------       --------
Net cash used in financing activities                                                   (16,184)       (25,305)
                                                                                       --------       --------

Net increase (decrease) in cash and cash equivalents                                      4,156        (56,460)

Cash and cash equivalents at beginning of period                                         49,589         93,403
                                                                                       --------       --------

Cash and cash equivalents at end of period                                             $ 53,745       $ 36,943
                                                                                       ========       ========
</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 1999 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, 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 six months ended
         December 31, 1999 and 1998 are as follows (in thousands, except per
         share amounts):
<TABLE>
<CAPTION>
                                                    Three Months Ended        Six Months Ended
                                                       December 31,             December 31,
                                                   --------------------      --------------------
                                                     1999         1998         1999         1998
                                                   -------      -------      -------      -------
<S>                                                <C>          <C>          <C>          <C>
Basic EPS
---------
Net income                                         $14,926      $12,209      $27,209      $ 3,010
                                                   =======      =======      =======      =======

Weighted average common shares outstanding          27,355       26,643       27,218       26,497
                                                   =======      =======      =======      =======

Basic earnings per share                           $  0.55      $  0.46      $  1.00      $  0.11
                                                   =======      =======      =======      =======

Diluted EPS
-----------
Net income                                         $14,926      $12,209      $27,209      $ 3,010
                                                   =======      =======      =======      =======

Weighted average common shares outstanding          27,355       26,643       27,218       26,497

Assumed conversion of common shares issuable
under stock option plans                               946        1,218        1,020        1,078
                                                   -------      -------      -------      -------

Weighted average common and common equivalent
shares outstanding                                  28,301       27,861       28,238       27,575
                                                   =======      =======      =======      =======

Diluted earnings per share                         $  0.53      $  0.44      $  0.96      $  0.11
                                                   =======      =======      =======      =======
</TABLE>

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

                                       6
<PAGE>   7
<TABLE>
<CAPTION>
                                                Three Months Ended                         Six Months Ended
                                                  December 31,                                December 31,
                                               ----------------------                -------------------------------
                                               1999              1998                1999                       1998
                                               ----              ----                ----                       ----
<S>                                    <C>                   <C>           <C>                           <C>
           Number of options excluded           443               91                  453                       532

           Option price per share       $54.50 to $58.9375      $48.00        $52.17 to $58.9375          $44.50 to $48.00
</TABLE>


4.       NOTES RECEIVABLE FROM STOCKHOLDERS

         The Board of Directors has approved and the Company has made loans to
         certain executive officers to assist them in exercising non-qualified
         stock options, retaining the underlying shares and paying the
         applicable taxes resulting from such exercises. These loans bear
         interest at rates ranging from 5.98% to 6.25%, are full recourse, and
         are secured by shares of the Company's Common Stock acquired pursuant
         to the exercise of the options representing up to 120% of the principal
         amount of the loan. The principal is repayable the later of five years
         from the date of the loan or the expiration date of the options
         exercised using such loan proceeds. The principal is also repayable
         within one year of the employee's death or termination of employment
         due to disability and within 30 days of voluntary resignation. Interest
         is payable annually on the anniversary date of each loan.

         The notes receivable of $11.3 million are reflected on the accompanying
         condensed consolidated balance sheet as a reduction in stockholders'
         equity at December 31, 1999.

5.       SUBSEQUENT EVENT

         In January 2000, the Company entered into an agreement to sell the
         retail third party marketing business of the Brokerage Services
         division to a third party marketer of financial products and services.
         It is anticipated that the transaction will be consummated by the end
         of the third fiscal quarter and have an immaterial impact on the
         Company's consolidated results of operations



                                       7
<PAGE>   8


ITEM 2.       MANAGEMENT'S DISCUSSION AND ANALYSIS OF
           RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The Company provides outsourcing solutions to and through financial
organizations. 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       Six Months Ended
                                                      December 31,           December 31,
                                                  ------------------      ------------------
                                                    1999       1998        1999        1998
                                                    ----       ----        ----        ----
Revenues                                           100.0%     100.0%      100.0%      100.0%
                                                   ------     ------      ------      ------
<S>                                              <C>         <C>        <C>          <C>
Operating costs and expenses:
  Service and operating                             58.7        57.1       59.6        57.9
  General and administrative                        13.9        15.2       14.3        15.6
  Selling and conversion                             5.0         5.4        4.9         5.2
  Research and development                           2.1         2.6        2.2         2.8
  Amortization of intangible assets                  2.2         1.7        2.1         1.6
  Merger expenses and other charges                 --          --         --           0.2
  Acquired in-process research and development      --          --         --           8.9
                                                    ----        ----       ----        ----
Operating earnings                                  18.1        18.0       16.9         7.8
Interest income (expense), net                      (0.4)        0.2       (0.3)        0.5
                                                    ----        ----       ----        ----
Income before income taxes                          17.7        18.2       16.6         8.3
Income taxes                                         6.9         7.3        6.5         6.9
                                                    ----        ----       ----        ----
Net income                                          10.8%       10.9%      10.1%        1.4%
                                                    ====        ====       ====        ====
</TABLE>

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

         Revenues increased 23.3% from $112.0 million for the three months ended
         December 31, 1998 to $138.0 million for the three months ended December
         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 27.0% from $63.9 million
         during the three months ended December 31, 1998 to $81.1 million for
         the three months ended December 31, 1999, and increased as a percentage
         of revenues from 57.1% to 58.7%. The increases resulted from additional
         costs associated with greater revenues.

         General and administrative expenses increased 13.1% from $17.0 million
         during the three months ended December 31, 1998, to $19.2 million for
         the three months ended December 31, 1999, and decreased as a percentage
         of revenues from 15.2% to 13.9%. The dollar increase primarily resulted
         from additional costs associated with greater revenues. The decrease as
         a percentage of revenues resulted from further utilization of existing
         general and administrative support resources.

         Amortization of intangible assets increased $1.0 million for the three
         months ended December 31, 1999, over the same three months last year
         due to a higher level of intangible assets associated with
         acquisitions.

         Net interest expense was $0.5 million for the three months ended
         December 31, 1999 compared to net interest income of $0.2 million for
         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 $9.6 million for the three months ended
         December 31, 1999 increased from $8.1 million for the three months
         ended December 31, 1998 due to higher taxable income. The provision
         represents an effective tax rate of 39% and 40% for the periods ended
         December 31, 1999 and 1998, respectively. The lower effective tax rate
         in the current quarter is attributable to recently completed tax
         planning initiatives.

COMPARISON OF THE SIX MONTHS ENDED DECEMBER 31, 1999 WITH THE SIX MONTHS ENDED
DECEMBER 31, 1998.

         Revenues increased 26.4% from $213.9 million for the six months ended
         December 31, 1998 to $270.4 million for the six months ended December
         31, 1999. This growth was derived from sales to new clients, existing


                                       8
<PAGE>   9

         client growth, cross sales to existing clients and revenues from
         acquired businesses, partially offset by lost business.

         Service and operating expenses increased 30.2% from $123.8 million
         during the six months ended December 31, 1998 to $161.1 million for the
         six months ended December 31, 1999, and increased as a percentage of
         revenues from 57.9% to 59.6%. The increases resulted from additional
         costs associated with greater revenues.

         General and administrative expenses increased 16.1% from $33.4 million
         during the six months ended December 31, 1998, to $38.8 million for the
         six months ended December 31, 1999, and decreased as a percentage of
         revenues from 15.6% to 14.3%. The dollar increase primarily resulted
         from additional costs associated with greater revenues. The decrease as
         a percentage of revenues resulted from further utilization of existing
         general and administrative support resources.

         During the six months ended December 31, 1998, 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 $17.8 million for the six months ended
         December 31, 1999 increased from $14.7 million for the six months ended
         December 31, 1998 primarily due to higher taxable income. The provision
         represents an effective tax rate of 39.5% and 40% for the six months
         ended December 31, 1999 and 1998, respectively, excluding the
         nonrecurring nondeductible charge of $19.0 million related to acquired
         in-process research and development incurred during the six months
         ended December 31, 1998. The lower effective tax rate in the current
         fiscal six months is attributable to recently completed tax planning
         initiatives.

LIQUIDITY AND CAPITAL RESOURCES

         At December 31, 1999, the Company had cash and cash equivalents of
         $53.7 million and working capital of $38.5 million. At December 31,
         1999, the Company had outstanding borrowings of $46.0 million against
         its revolving credit facility to support working capital requirements.
         The credit facility bears interest at LIBOR plus a margin of 0.55%. The
         weighted average interest rate on outstanding borrowings at December
         31, 1999 was 6.85%. At December 31, 1999, the Company had $0.7 million
         outstanding in 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. Customer funds required to be segregated may vary
         significantly from period to period.

         For the six months ended December 31, 1999, operating activities
         provided cash of $35.5 million. Investing activities used cash of $15.1
         million, primarily for the acquisition of intangibles of $4.9 million
         and capital expenditures of $13.7 million, offset by $3.5 million of
         net investment activity. Financing activities used cash of $16.2
         million, primarily for the repurchase of common stock of $18.2 million
         and net repayments on borrowings of $6.0 million, offset by proceeds
         from the exercise of stock options of $8.0 million.

         In January 1999, the Company's Board of Directors authorized a stock
         buy-back program of up to $100 million of its outstanding common stock.
         Purchases have occurred and are expected to continue to occur from
         time-to-time in the open market to offset the possible dilutive effect
         of shares issued under employee benefit plans, for possible use in
         future acquisitions and for general and other corporate purposes.

         Since January 1999, the Company has purchased 721,000 shares of its
         common stock under the stock buy-back program for approximately $37.6
         million in order to effect the acquisitions of EXAMCO, Inc. and Dover
         International and for the issuance of stock in connection with the
         exercise of stock options.

SEGMENT INFORMATION

         The following table sets forth operating revenue and operating income
         by business segment and for corporate operations for the three and six
         months ended December 31, 1999 and 1998. For the six months ended
         December 31, 1998, merger expenses and other charges of $0.4 million
         and acquired in-process research and development of $19.0 million are
         excluded from the operating results for a better understanding of the
         underlying performance of each segment.

                                       9
<PAGE>   10
<TABLE>
<CAPTION>
                                                               (in Thousands)
                                           Three Months Ended                Six Months Ended
                                                December 31,                    December 31,
                                         -------------------------       -------------------------
                                            1999            1998            1999            1998
                                         ---------       ---------       ---------       ---------
<S>                                    <C>             <C>             <C>             <C>
Operating Revenue:
   Information Services                  $  43,276       $  44,799       $  84,160       $  84,505
   Investment Services                      72,766          54,331         145,581         107,421
   Insurance and Education Services         22,002          12,828          40,616          21,956
                                         ---------       ---------       ---------       ---------
     Total Operating Revenue             $ 138,044       $ 111,958       $ 270,357       $ 213,882
                                         =========       =========       =========       =========

Operating Income:
   Information Services                  $   9,877       $  10,350       $  17,455       $  17,101
   Investment Services                      10,961           8,127          22,224          17,821
   Insurance and Education Services          7,605           4,626          12,321           6,494
   Corporate                                (3,441)         (2,995)         (6,277)         (5,369)
                                         ---------       ---------       ---------       ---------
     Total Operating Income              $  25,002       $  20,108       $  45,723       $  36,047
                                         =========       =========       =========       =========
</TABLE>

         Revenue in the Information Services business segment decreased $1.5
         million, or 3.4%, during the three months ended December 31, 1999,
         compared to the same period last year. For the six months ended
         December 31, 1999, revenues decreased $0.3 million, or 0.4%, compared
         to the same period last year. The revenue decrease was primarily due to
         the June 1999 sale of the Marketing Solutions business and softness in
         Document Solutions software sales due to Year 2000-related delays in
         software purchases. Operating income in the Information Services
         business segment decreased $0.5 million, or 4.6%, during the fiscal
         second quarter, resulting in operating margins of 22.8% and 23.1% for
         the three months ended December 31, 1999 and 1998, respectively.
         Margins declined slightly in the fiscal second quarter primarily due to
         the revenue decline within the Document Solutions division. Software
         sales for this division are expected to increase in the second half of
         the fiscal year as Year 2000 concerns by customers are no longer a
         factor in purchasing decisions. Operating income increased $0.4 million
         for the six months ended December 31, 1999, resulting in operating
         margins of 20.7% and 20.2% for the six months ended December 31, 1999
         and 1998, respectively. Margins improved in the six months ended
         December 31, 1999, primarily due to accelerated growth within the
         Information Solutions division and the sale of the Marketing Solutions
         business.

         Revenue in the Investment Services business segment increased $18.4
         million, or 33.9%, during the three months ended December 31, 1999,
         compared to the same period last year. For the six months ended
         December 31, 1999, revenues increased $38.2 million, or 35.5%, compared
         to the same period last year. The revenue increase was due to strong
         internal growth, including the acquisition of several new clients.
         Operating income in the Investment Services business segment increased
         $2.8 million, or 34.9%, during the fiscal second quarter, resulting in
         operating margins of 15.1% and 15.0% for the three months ended
         December 31, 1999 and 1998, respectively. Operating income increased
         $4.4 million for the six months ended December 31, 1999, resulting in
         operating margins of 15.3% and 16.6% for the six months ended December
         31, 1999 and 1998, respectively. Margins declined in the six months
         ended December 31, 1999, primarily due to conversion activities
         associated with a significant new client in the Brokerage Services
         division, costs incurred in the Fund Services division for the
         international expansion of outsourcing services, and expansion of the
         business development sales force.

         Revenue in the Insurance and Education Services business segment
         increased $9.2 million, or 72%, during the three months ended December
         31, 1999, compared to the same period last year. For the six months
         ended December 31, 1999, revenues increased $18.7 million, or 85.0%,
         compared to the same period last year. The revenue increase was due to
         strong internal growth and the acquisitions of EXAMCO, Inc., Poage
         Insurance Services, and Dover International. Operating income in the
         Insurance and Education Services business segment increased $3.0
         million, or 64.4%, during the fiscal second quarter, resulting in
         operating margins of 34.6% and 36.1% for the three months ended
         December 31, 1999 and 1998, respectively. Margins declined slightly in
         the fiscal second quarter due to lower margins associated with the
         newly formed Education Services division. Operating income increased
         $5.8 million for the six months ended December 31, 1999, resulting in
         operating margins of 30.3% and 29.6% for the six months ended December
         31, 1999 and 1998, respectively. Margins improved in the six months
         ended December 31, 1999, primarily due to strong internal growth and
         reduced integration costs.



                                       10
<PAGE>   11

         Corporate operations represent charges for the Company's human
         resources, legal, accounting and finance functions, and various other
         unallocated overhead charges. Increased expenses of $0.4 million and
         $0.9 million in the three and six months ended December 31, 1999,
         respectively, were in line with the Company's overall growth.

ACQUIRED IN-PROCESS RESEARCH AND DEVELOPMENT

         In September 1998, the Company acquired Greenway Corporation 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 check imaging
         software. At the acquisition date, the products were estimated to be
         between 50% and 75% complete and were determined to have no future
         alternative uses.

         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

         Technological feasibility was attained in the third quarter of fiscal
         1999. Development efforts were substantially completed in the first
         quarter of fiscal 2000, and sales of the enhanced check imaging
         software began in the second quarter of fiscal 2000.

YEAR 2000

         The Company has addressed 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 completed its risk assessment
         and testing plans for internal mission critical information systems and
         tested all of its mission critical information systems in a timely
         manner.

         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, were unable to address their Year 2000
         issues in a timely manner, it could have resulted in a material adverse
         financial risk to the Company. In order to minimize this risk, the
         Company devoted resources necessary to develop appropriate business
         continuity plans. These completed contingency plans include alternative
         systems and vendors, disaster recovery hot sites, alternative power
         sources, and manual processes.

         The Company's Year 2000 status 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 readiness are reviewed by senior management and the Company's
         Board of Directors.

         The Company believes it developed an effective plan to address the Year
         2000 issues and that, based on available information, its Year 2000
         transition had no material effect on its business, operations, or
         financial results. The Company has incurred expenditures for Year 2000
         related matters testing and remediation of approximately $0.7 million
         and $1.3 million for the six months ended December 31, 1999 and 1998,
         respectively.

RECENT LEGISLATION

         The recent adoption of the Financial Services Modernization Act of 1999
         lifts many restrictions limiting banks from the underwriting and
         distribution of securities. The Company expects that some of its bank
         customers with proprietary mutual funds may, over time, internalize
         certain distribution functions currently provided by the Company. At
         the same time, the Company believes this change may result in
         additional demand for its

                                       11
<PAGE>   12

         outsourcing services as financial institutions provide new services
         to their customers. The near-term and long-term impact of this
         legislative change on the Company's business and results of operations
         are uncertain. Although there can be no assurance, at this time the
         Company does not expect a material adverse impact on its business or
         results of operations.

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.


                                       12
<PAGE>   13

                                     PART II

ITEM 4.           SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

                  At the Annual Meeting of Stockholders of the Company, held on
                  November 12, 1999, the Stockholders approved the following
                  matters:

                  1.       Re-election of the seven Directors named below to
                           hold office until the next Annual Meeting of
                           Stockholders and until their successors have been
                           duly elected and qualified:
<TABLE>
<CAPTION>

                                                                            Number of
                           Name of Director                               Votes in Favor
                           ----------------                               --------------
                         <S>                                             <C>
                           Robert J. Casale                                 24,349,325
                           Thomas A. Cooper                                 24,356,087
                           Jay W. DeDapper                                  24,352,240
                           John J. Lyons                                    24,355,887
                           Lynn J. Mangum                                   24,356,087
                           Thomas E. McInerney                              24,356,087
                           Joseph J. Melone                                 24,354,712

                                                                                  For          Against        Abstain
                                                                                  ---          -------        -------
                  2.       2000 Employee Stock
                           Purchase Plan                                       24,270,297       100,246        12,425

                                                                                  For          Against        Abstain
                                                                                  ---          -------        -------
                  3.       1999 Equity Participation
                           Plan                                                16,574,519      7,786,225       22,224

                                                                                  For          Against        Abstain
                                                                                  ---          -------        -------
                  4.       Executive Officer Annual
                           Incentive Plan                                      24,156,655       182,999        43,314

                                                                                  For          Against        Abstain
                                                                                  ---          -------        -------
                  5.       Appointment of PricewaterhouseCoopers LLP
                           as independent accountants for fiscal year 2000     24,370,194        8,768          4,006
</TABLE>


ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

         (a)      EXHIBITS

                  None.

         (b)      REPORTS ON FORM 8-K

                  None.

                                       13
<PAGE>   14


                                   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:   February 11, 2000                    By:   /s/ Dennis R. Sheehan
       --------------------------------           -----------------------------
                                             Dennis R. Sheehan
                                             Executive Vice President and Chief
                                             Financial Officer
                                             (Duly Authorized Officer)



                                       14
<PAGE>   15

                              THE BISYS GROUP, INC.
                                  EXHIBIT INDEX



EXHIBIT NO.                                                             PAGE

         (27)  Financial Data Schedule........................(electronic only)



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