<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 SEPTEMBER 30, 2000

                                       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 November 6, 2000
--------------------------------------   --------------------------------------

Common Stock, par value $.02 per share                56,679,592
                                         --------------------------------------

                        This document contains 19 pages.
                                               --

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


<PAGE>   2


                              THE BISYS GROUP, INC.

                               INDEX TO FORM 10-Q



<TABLE>
<CAPTION>

<S>      <C>                                                                                    <C>

PART I.  FINANCIAL INFORMATION                                                                   PAGE

         Item 1.  Financial Statements

                  Condensed Consolidated Balance Sheet as of September 30, 2000
                      and June 30, 2000                                                            3

                  Condensed Consolidated Statement of Operations for the three months
                      ended September 30, 2000 and 1999                                            4

                  Condensed Consolidated Statement of Cash Flows for the three months
                      ended September 30, 2000 and 1999                                            5

                  Notes to Condensed Consolidated Financial Statements                             6


         Item 2.  Management's Discussion and Analysis of Results of Operations and
                  Financial Condition                                                              9



PART II.  OTHER INFORMATION

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

SIGNATURES                                                                                        14

EXHIBIT INDEX                                                                                     15
</TABLE>


<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>

                                                                        September 30,    June 30,
                                                                            2000           2000
                                                                        -------------    ---------
<S>                                                                       <C>          <C>
ASSETS

Current assets:
  Cash and cash equivalents                                               $  48,222    $  70,177
  Accounts receivable, net                                                  121,328      108,579
  Deferred tax asset                                                         11,605        8,808
  Other current assets                                                       19,594      131,734
                                                                          ---------    ---------
     Total current assets                                                   200,749      319,298
Property and equipment, net                                                  65,311       61,211
Intangible assets, net                                                      347,409      188,349
Other assets                                                                 36,389       32,193
                                                                          ---------    ---------
     Total assets                                                         $ 649,858    $ 601,051
                                                                          =========    =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Short-term borrowings                                                   $ 140,500    $ 115,000
  Accounts payable                                                           11,619       15,110
  Other current liabilities                                                  89,200       89,590
                                                                          ---------    ---------
     Total current liabilities                                              241,319      219,700
Deferred tax liability                                                        5,249       13,452
Other liabilities                                                             5,401        6,258
                                                                          ---------    ---------
     Total liabilities                                                      251,969      239,410
                                                                          ---------    ---------

Stockholders' equity:
  Common stock, $.02 par value, 80,000,000 shares authorized,
  56,568,644 and 27,091,270 shares issued and outstanding, respectively       1,131          556
  Additional paid-in capital                                                251,435      220,558
  Retained earnings                                                         156,670      151,874
  Less notes receivable from stockholders                                   (11,347)     (11,347)
                                                                          ---------    ---------
     Total stockholders' equity                                             397,889      361,641
                                                                          ---------    ---------
     Total liabilities and stockholders' equity                           $ 649,858    $ 601,051
                                                                          =========    =========
</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
                                                              September 30,
                                                           2000             1999
                                                           ----             ----

Revenues                                            $     161,441     $    132,313
                                                    ---------------- ---------------
<S>                                                        <C>              <C>
Operating costs and expenses:
  Service and operating                                    95,958           79,998
  General and administrative                               22,601           19,537
  Selling and conversion                                    7,774            6,417
  Research and development                                  3,177            2,990
  Amortization of intangible assets                         4,580            2,650
  Merger expenses and other charges                         4,245                -
                                                    ---------------- ---------------
Operating earnings                                         23,106           20,721
Interest expense, net                                       1,762              250
                                                    ---------------- ---------------
Income before income taxes                                 21,344           20,471
Income taxes                                                8,432            8,188
                                                    ---------------- ---------------
Net income                                          $      12,912    $      12,283
                                                    ================ ===============

Basic earnings per share                            $        0.23    $        0.23
                                                    ================ ===============

Diluted earnings per share                          $        0.22    $        0.22
                                                    ================ ===============
</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>

                                                                 Three Months Ended
                                                                   September 30,
                                                                 ------------------
                                                                   2000        1999
                                                                   ----        ----
<S>                                                            <C>         <C>
Cash flows from operating activities:
Net income                                                     $ 12,912    $ 12,283
Adjustments to reconcile net income to net cash provided
  by operating activities:
  Restructuring charge                                            4,245          --
  Depreciation and amortization                                   9,949       7,345
  Deferred income tax benefit                                        (3)       (252)
  Change in operating assets and liabilities, net of
     effects from acquisitions                                  (20,813)     (4,537)
                                                               --------    --------
Net cash provided by operating activities                         6,290      14,839
                                                               --------    --------

Cash flows from investing activities:
  Acquisitions of businesses, net of cash acquired              (47,294)         --
  Proceeds from dispositions, net of expenses paid               (3,240)         --
  Capital expenditures, net                                      (7,350)     (6,716)
  Change in other investments                                    (3,922)         --
  Purchase of intangible assets                                      --      (4,900)
  Other                                                              --         (36)
                                                               --------    --------
Net cash used in investing activities                           (61,806)    (11,652)
                                                               --------    --------

Cash flows from financing activities:
  Short-term borrowings, net                                     25,500       2,000
  Proceeds from exercise of stock options, net
   of taxes paid                                                  8,351       3,781
  Repurchases of common stock                                        --     (17,725)
  Other                                                            (290)         --
                                                               --------    --------
Net cash provided by (used in) financing activities              33,561     (11,944)
                                                               --------    --------

Net decrease in cash and cash equivalents                       (21,955)     (8,757)

Cash and cash equivalents at beginning of period                 70,177      49,589
                                                               --------    --------

Cash and cash equivalents at end of period                     $ 48,222    $ 40,832
                                                               ========    ========
</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 2000 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, income taxes and contingencies. Actual results
      could differ from these estimates in the near term.

3.    STOCK SPLIT

      On September 21, 2000, the Board of Directors of the Company approved a
      two-for-one stock split to be effected in the form of a dividend, payable
      to shareholders of record on October 6, 2000. Accordingly, all historical
      weighted average share and per share amounts have been restated to reflect
      the stock split. The effect of the stock split has been retroactively
      reflected as of September 30, 2000 in the consolidated balance sheet and
      par value remains unchanged at $0.02 per share.

4.    BORROWINGS

      In September 2000, the Company amended its senior unsecured revolving
      credit facility to increase the facility from $200 million to $300
      million. All other significant terms under the credit facility remain
      substantially unchanged. At September 30, 2000, the Company had
      outstanding borrowings under the facility of $140.5 million bearing
      interest at LIBOR plus a margin of 0.55% (7.175% at September 30, 2000).



                                      -6-
<PAGE>   7

5.    EARNINGS PER SHARE

      Basic and diluted EPS computations for the three months ended September
      30, 2000 and 1999 are as follows (in thousands, except per share amounts):

<TABLE>
<CAPTION>

                                                               Three Months Ended
                                                                 September 30,
                                                       --------------------------------
                                                             2000              1999
                                                             ----              ----
<S>                                                    <C>                  <C>
BASIC EPS
Net income                                             $      12,912        $  12,283
                                                       =============        =========

Weighted average common shares outstanding                    56,006           54,160
                                                       =============        =========

Basic earnings per share                               $        0.23        $    0.23
                                                       =============        =========

DILUTED EPS
Net income                                             $      12,912        $  12,283
                                                       =============        =========

Weighted average common shares outstanding                    56,006           54,160

Assumed conversion of common shares issuable
under stock option plans                                       2,306            2,180
                                                       -------------        ---------

Weighted average common and common equivalent
shares outstanding                                            58,312           56,340
                                                       =============        =========

Diluted earnings per share                             $        0.22        $    0.22
                                                       =============        =========
</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):

                                              Three Months Ended
                                                September 30,
                                          -------------------------
                                          2000                1999
                                          ----                ----

  Number of options excluded              580                  749

  Option price per share           $34.31 to $37.62     $26.08 to $29.47


The average market price of common shares during the three months ended
September 30, 2000 and 1999 was $33.88 and $25.40, respectively

6.    BUSINESS COMBINATIONS

      On July 1, 2000, the Company completed its acquisition of Pictorial, Inc.
      (Pictorial) in a cash for stock transaction valued at approximately $129
      million. Pictorial, headquartered in Indianapolis, is a provider of
      pre-licensing and continuing education training materials and licensing
      solutions for insurance carriers, agencies, and agents.

      On July 31, 2000, the Company completed its acquisition of Ascensus
      Insurance Services, Inc. (Ascensus) by the exchange of cash consideration
      and stock options totaling approximately $43 million for all the
      outstanding shares and stock options of Ascensus. Ascensus, headquartered
      in Salt Lake City, is a leading distributor of life insurance products.



                                      -7-
<PAGE>   8


      Both transactions have been accounted for by the purchase method of
      accounting and, accordingly, the operations of the acquired companies are
      included in its consolidated financial statements since the dates of
      acquisition.

      The cash and stock portions of the purchase price, including fees and
      expenses, were as follows (in thousands):

<TABLE>
<CAPTION>

                                                         Pictorial     Ascensus     Total
                                                        ----------   ----------   ---------
<S>                                                     <C>          <C>          <C>
        Estimated fair value of assets acquired         $ 140,749    $  49,377    $ 190,126

        Liabilities assumed                               (11,648)     (11,500)     (23,148)

        Common stock options issued                          --         (4,684)      (4,684)
                                                        ---------    ---------    ---------

        Net cash paid                                   $ 129,101    $  33,193    $ 162,294
                                                        =========    =========    =========
</TABLE>


      The excess purchase price over the fair value of the net tangible assets
      acquired for both transactions approximated $164 million and was allocated
      to goodwill and other intangible assets based upon preliminary estimates
      of fair values and is being amortized on a straight line basis over
      periods of from 5 to 40 years. The Company does not believe that the final
      purchase price allocations will differ significantly from the preliminary
      purchase price allocations recorded for Pictorial and Ascensus in the
      quarter ended September 30, 2000.

      The following unaudited pro forma consolidated results of operations has
      been prepared as if the acquisitions of Pictorial and Ascensus had
      occurred at the beginning of fiscal 2001 and 2000 (in thousands):

                                             Three months ended
                                               September 30,
                                        ---------------------------
                                           2000             1999
                                           ----             ----

        Revenues                        $163,293        $142,437

        Net income                        12,974          10,416

        Diluted earnings per share      $   0.22        $   0.18


7.    MERGER EXPENSES AND OTHER CHARGES

      As a result of the acquisitions of Pictorial and Ascensus in the fiscal
      first quarter, the Company recorded a pre-tax restructuring charge of $4.2
      million. The charge relates to restructuring activities in the existing
      businesses within the Insurance and Education Services segment and
      includes a provision of $2.1 million for severance-related costs for
      approximately 150 employees, $1.0 million for facility closure and related
      costs, and $1.1 million for impairments relating to the abandonment of
      certain software and product development efforts.

      At September 30, 2000, the remaining accrual is $2.8 million, and it is
      anticipated that all restructuring activities will be completed and
      amounts expended by the end of the current fiscal year.



                                      -8-
<PAGE>   9



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
                                                                September 30,
                                                       ---------------------------------
                                                            2000              1999
                                                            ----              ----
Revenues                                                   100.0%             100.0%
                                                       ---------------    --------------
<S>                                                         <C>                <C>
Operating costs and expenses:
  Service and operating                                     59.5               60.4
  General and administrative                                14.0               14.8
  Selling and conversion                                     4.8                4.8
  Research and development                                   2.0                2.3
  Amortization of intangible assets                          2.8                2.0
  Merger expenses and other charges                          2.6                -
                                                       ---------------    --------------
Operating earnings                                          14.3               15.7
Interest expense, net                                        1.1                0.2
                                                       ---------------    --------------
Income before income taxes                                  13.2               15.5
Income taxes                                                 5.2                6.2
                                                       ---------------    --------------
Net income                                                   8.0%               9.3%
                                                       ===============    ==============
</TABLE>


COMPARISON OF THE THREE MONTHS ENDED SEPTEMBER 30, 2000 WITH THE THREE MONTHS
ENDED SEPTEMBER 30, 1999.

      Revenues increased 22.0% from $132.3 million for the three months ended
      September 30, 1999 to $161.4 million for the three months ended September
      30, 2000. 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 and divestitures.

      Service and operating expenses increased 20.0% from $80.0 million for the
      three months ended September 30, 1999 to $96.0 million for the three
      months ended September 30, 2000 and decreased as a percentage of revenues
      from 60.4% to 59.5%. The dollar increase resulted from additional costs
      associated with greater revenues.

      General and administrative expenses increased 15.7% from $19.5 million
      during the three months ended September 30, 1999 to $22.6 million for the
      three months ended September 30, 2000 and decreased as a percentage of
      revenues from 14.8% to 14.0%. The decrease as a percentage of revenues
      resulted from further utilization of existing general and administrative
      support resources.

      Research and development expenses increased 6.3% from $3.0 million for the
      three months ended September 30, 1999 to $3.2 million for the three months
      ended September 30, 2000 and decreased as a percentage of revenues from
      2.3% to 2.0%. The decrease as a percentage of revenues resulted from
      acquiring and merging with businesses that do not require substantial
      research and development.

      Amortization of intangible assets increased $1.9 million for the three
      months ended September 30, 2000 over the same period last year due to a
      higher level of intangible assets associated with recently acquired
      businesses.

      The income tax provision of $8.4 million for the three months ended
      September 30, 2000 increased from $8.2 million for the three months ended
      September 30, 1999 due to higher taxable income. The provision represents
      an effective tax rate of 39.5% and 40.0% for the periods ended September
      30, 2000 and 1999,



                                      -9-
<PAGE>   10
      respectively. The lower effective tax rate in the current quarter is
      attributable to additional tax planning initiatives.

      Operating results, before amortization of intangibles and merger expenses
      and other charges, resulted in margins of 19.8% and 17.7% for the three
      months ended September 30, 2000 and 1999, respectively. The increase was
      primarily due to strong internal growth combined with efficient
      integration of acquired businesses.

      As a result of the acquisitions of Pictorial and Ascensus in the fiscal
      first quarter, the Company recorded a pre-tax restructuring charge of $4.2
      million. The charge relates to restructuring activities in the existing
      businesses within the Insurance and Education Services segment and
      includes a provision of $2.1 million for severance-related costs for
      approximately 150 employees, $1.0 million for facility closure and related
      costs, and $1.1 million for impairments relating to the abandonment of
      certain software and product development efforts.

      At September 30, 2000, the remaining accrual is $2.8 million and it is
      anticipated that all restructuring activities will be completed and
      amounts expended by the end of the current fiscal year.

LIQUIDITY AND CAPITAL RESOURCES

      At September 30, 2000, the Company had cash and cash equivalents of $48.2
      million and negative working capital of $40.6 million. At September 30,
      2000, the Company had outstanding borrowings of $140.5 million against its
      revolving credit facility to fund acquisitions. The credit facility bears
      interest at LIBOR plus a margin of 0.55%. The weighted average interest
      rate on outstanding borrowings at September 30, 2000 was 7.18%. At
      September 30, 2000, the Company had $0.7 million outstanding in letters of
      credit.

      Accounts receivable represented 69 days sales outstanding at September 30,
      2000. Other current assets included in the accompanying balance sheet
      consist primarily of prepaid expenses and inventory. At June 30, 2000,
      other current assets also included a $115 million deposit toward the
      purchase of Pictorial that closed on July 1, 2000.

      For the three months ended September 30, 2000, operating activities
      provided cash of $6.3 million. Investing activities used cash of $61.8
      million, primarily for the acquisition of businesses of $47.3 million,
      capital expenditures of $7.3 million, expense associated with dispositions
      in prior periods of $3.2 million, and $3.9 million of net investment
      activity. Financing activities provided cash of $33.6 million, primarily
      from the proceeds on borrowings of $25.5 million and net proceeds from the
      exercise of stock options of $8.4 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 746,500 shares (unadjusted
      for two-for-one stock split) of its common stock under the stock buy-back
      program for approximately $39.1 million in order to effect certain
      acquisitions 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 months ended
      September 30, 2000 and 1999. Merger expenses and other charges are
      excluded from the operating results of the segment for a better
      understanding of the underlying performance of each segment.


                                      -10-
<PAGE>   11

                                                         (in thousands)
                                                       Three Months Ended
                                                         September 30,
                                                -------------------------------
                                                     2000              1999
                                                     ----              ----
        Operating revenue:
           Information Services                 $    41,399        $    40,884
           Investment Services                       84,772             72,815
           Insurance and Education Services          35,270             18,614
                                                -----------        -----------
             Total operating revenue            $   161,441        $   132,313
                                                ===========        ===========

        Operating income:
           Information Services                 $     9,142        $     7,578
           Investment Services                       12,423             11,263
           Insurance and Education Services          10,125              4,716
           Corporate                                 (4,339)            (2,836)
                                                -----------        -----------
             Total operating income             $    27,351        $    20,721
                                                ===========        ===========

      Revenue in the Information Services business segment increased $0.5
      million, or 1.3%, during the three months ended September 30, 2000,
      compared to the same period last year. The below normal revenue increase
      was primarily due to the sale of two business units, Research Services and
      Networking Services, in the fiscal 2000 fourth quarter. Operating income
      in the Information Services business segment increased $1.6 million, or
      20.6%, during the fiscal first quarter, resulting in operating margins of
      22.1% and 18.5% for the three months ended September 30, 2000 and 1999,
      respectively. The strong margin expansion in the fiscal first quarter was
      primarily due to improved performance within both the Banking Solutions
      and Document Solutions divisions and the benefits resulting from the
      divestiture of two below average margin businesses.

      Revenue in the Investment Services business segment increased $12.0
      million, or 16.4%, during the three months ended September 30, 2000,
      compared to the same period last year despite the March 2000 divestiture
      of the Company's retail brokerage business. 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 $1.2 million, or 10.3%, during the fiscal first quarter,
      resulting in operating margins of 14.7% and 15.5% for the three months
      ended September 30, 2000 and 1999, respectively. The margin decline
      primarily resulted from continued investments in the international mutual
      fund business, including the recently acquired Luxembourg operating
      platform.

      Revenue in the Insurance and Education Services business segment increased
      $17.0 million, or 89.5%, during the three months ended September 30, 2000,
      compared to the same period last year. The revenue increase was due to
      strong internal growth and the acquisitions of Pictorial and Ascensus.
      Operating income in the Insurance and Education Services business segment
      increased $5.4 million, or 114.7%, during the fiscal first quarter,
      resulting in operating margins of 28.7% and 25.3% for the three months
      ended September 30, 2000 and 1999, respectively. Margins increased in the
      fiscal first quarter due to strong revenue growth.

      Corporate operations represent charges for the Company's human resources,
      legal, accounting and finance functions, and various other unallocated
      overhead charges. Increased expenses of $1.5 million in the three months
      ended September 30, 2000 were in line with the Company's overall growth.

FINANCIAL SERVICES MODERNIZATION ACT OF 1999

      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



                                      -11-
<PAGE>   12


      demand for its 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 6.  EXHIBITS AND REPORTS ON FORM 8-K

      (A)   EXHIBITS

            Exhibit 2.1 - Stock Purchase Agreement, dated as of May 26, 2000,
            among the Registrant and PRIMEDIA, Inc. (Reference is made to
            Exhibit 2.1 to the Current Report on Form 8-K, dated July 1, 2000,
            filed with the Securities and Exchange Commission, and incorporated
            herein by reference.)

            Exhibit 10.1 - Amendment No. 1, dated as of September 28, 2000, to
            Credit Agreement by and among the Registrant, the Lenders party
            thereto, The Chase Manhattan Bank, The First National Bank of
            Chicago, First Union National Bank and Fleet Bank, National
            Association, as co-Agents, and The Bank of New York, as
            Administrative Agent, with BNY Capital Markets, Inc., as Arranger,
            dated as of June 30, 1999.

      (B)   REPORTS ON FORM 8-K

            A current report on Form 8-K, dated as of July 1, 2000, was filed
            with the Securities and Exchange Commission on July 13, 2000 (Items
            2 and 7) to report the acquisition by the Registrant of Pictorial
            Holdings, Inc.

            Amendment No. 1 on Form 8K/A, dated as of July 1, 2000, was filed
            with the Securities and Exchange Commission on September 15, 2000 to
            include the financial statements of Pictorial Holdings, Inc. (Item
            7).



                                      -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:   November 14, 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

         (10.1)   Amendment No. 1 to Credit Agreement.........16

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



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