<PAGE>   1
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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

(Mark One)


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

                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 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
 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 April 30, 2000
--------------------------------------      ------------------------------------
Common Stock, par value $.02 per share                   27,758,457

                        This document contains 16 pages.

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<PAGE>   2
<TABLE>
                              THE BISYS GROUP, INC.

                               INDEX TO FORM 10-Q

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

                  Condensed Consolidated Balance Sheet as of March 31, 2000
                      and June 30, 1999                                                                            3

                  Condensed Consolidated Statement of Operations for the three and nine months
                      ended March 31, 2000 and 1999                                                                4

                  Condensed Consolidated Statement of Cash Flows for the nine months
                      ended March 31, 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                                                                              8


PART II.  OTHER INFORMATION

         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

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

<CAPTION>
                                                                     March 31,        June 30,
                                                                       2000             1999
                                                                     ---------        --------
<S>                                                                  <C>              <C>
ASSETS

Current assets:
  Cash and cash equivalents                                          $ 52,667         $ 49,589
  Accounts receivable, net                                            106,280          104,608
  Deferred tax asset                                                    5,686            9,241
  Other current assets                                                 15,266           14,243
                                                                     --------         --------
     Total current assets                                             179,899          177,681
Property and equipment, net                                            60,633           54,855
Intangible assets, net                                                192,447          194,852
Other assets                                                           32,898           32,273
                                                                     --------         --------
     Total assets                                                    $465,877         $459,661
                                                                     ========         ========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Short-term borrowings                                              $  9,000         $ 52,000
  Accounts payable                                                     14,188           21,303
  Other current liabilities                                            90,184           82,294
                                                                     --------         --------
     Total current liabilities                                        113,372          155,597
Deferred tax liability                                                 10,976            9,774
Other liabilities                                                       6,847            5,784
                                                                     --------         --------
     Total liabilities                                                131,195          171,155
                                                                     --------         --------

Stockholders' equity:
  Common stock, $.02 par value, 80,000,000 shares authorized,
  27,708,854 and 27,091,270 shares issued, respectively                   554              542
  Additional paid-in capital                                          216,252          193,500
  Retained earnings                                                   129,223           94,550
  Less notes receivable from stockholders                             (11,347)            --

  Less treasury stock at cost, 1,575 shares                              --                (86)
                                                                     --------         --------
     Total stockholders' equity                                       334,682          288,506
                                                                     --------         --------
     Total liabilities and stockholders' equity                      $465,877         $459,661
                                                                     ========         ========
</TABLE>

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

                                       3
<PAGE>   4
<TABLE>
                                     THE BISYS GROUP, INC. AND SUBSIDIARIES
                                 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                                      (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                                   (UNAUDITED)

<CAPTION>
                                                         Three Months Ended                Nine Months Ended
                                                              March 31,                         March 31,
                                                        2000            1999             2000             1999
                                                        ----            ----             ----             ----
<S>                                                   <C>             <C>             <C>               <C>
Revenues                                              $145,657        $121,302        $416,014         $335,184
                                                      --------        --------        --------         --------
Operating costs and expenses:
  Service and operating                                 80,313          67,170         241,432          190,937
  General and administrative                            19,147          17,105          57,901           50,479
  Selling and conversion                                 7,145           5,562          20,403           16,680
  Research and development                               3,318           2,516           9,187            8,632
  Amortization of intangible assets                      2,886           1,935           8,520            5,395
  Merger expenses and other charges                       --              --              --                400
  Acquired in-process research and development            --              --              --             19,000
                                                      --------        --------        --------         --------
Operating earnings                                      32,848          27,014          78,571           43,661
Interest income (expense), net                             185             317            (562)           1,357
                                                      --------        --------        --------         --------
Income before income taxes                              33,033          27,331          78,009           45,018
Income taxes                                            13,046          10,931          30,813           25,608
                                                      --------        --------        --------         --------
Net income                                            $ 19,987        $ 16,400        $ 47,196         $ 19,410
                                                      ========        ========        ========         ========

Basic earnings per share                              $   0.72        $   0.61        $   1.73         $   0.73
                                                      ========        ========        ========         ========

Diluted earnings per share                            $   0.70        $   0.58        $   1.66         $   0.70
                                                      ========        ========        ========         ========
</TABLE>

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

                                       4
<PAGE>   5
<TABLE>
                                      THE BISYS GROUP, INC. AND SUBSIDIARIES
                                  CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                                  (IN THOUSANDS)
                                                    (UNAUDITED)

<CAPTION>
                                                                                             Nine Months Ended
                                                                                                  March 31,
                                                                                         -------------------------
                                                                                           2000             1999
                                                                                         --------         --------
<S>                                                                                      <C>              <C>
Cash flows from operating activities:
Net income                                                                               $ 47,196         $ 19,410
Adjustments to reconcile net income to net cash provided by operating activities:
  Depreciation and amortization                                                            22,702           16,585
  Write-off of acquired in-process research and development                                  --             19,000
  Deferred income tax provision                                                             3,341            3,945
  Change in operating assets and liabilities, net of effects from acquisitions             (9,108)         (32,466)
                                                                                         --------         --------
Net cash provided by operating activities                                                  64,131           26,474
                                                                                         --------         --------

Cash flows from investing activities:
  Acquisitions, net of cash acquired                                                         --            (15,786)
  Proceeds from dispositions, net of expenses paid                                          5,442             --
  Capital expenditures, net                                                               (20,466)         (21,775)
  Change in other investments                                                               2,768           (2,952)
  Purchase of intangible assets                                                            (5,242)            (290)
  Other                                                                                     2,927              232
                                                                                         --------         --------
Net cash used in investing activities                                                     (14,571)         (40,571)
                                                                                         --------         --------

Cash flows from financing activities:
  Short-term borrowings, net                                                              (43,000)           5,000
  Repayment of debt                                                                          --             (1,051)
  Issuance of common stock                                                                  2,235            1,691
  Proceeds from exercise of stock options                                                  12,434           10,040
  Repurchases of common stock                                                             (18,151)         (56,208)
                                                                                         --------         --------
Net cash used in financing activities                                                     (46,482)         (40,528)
                                                                                         --------         --------

Net increase (decrease) in cash and cash equivalents                                        3,078          (54,625)

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

Cash and cash equivalents at end of period                                               $ 52,667         $ 38,778
                                                                                         ========         ========
</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 nine months ended
         March 31, 2000 and 1999 are as follows (in thousands, except per share
         amounts):

<TABLE>
<CAPTION>
                                                                  Three Months Ended             Nine Months Ended
                                                                      March 31,                      March 31,
                                                                ----------------------        ----------------------
                                                                  2000           1999           2000           1999
                                                                -------        -------        -------        -------
<S>                                                             <C>            <C>            <C>            <C>
           Basic EPS
           ---------
           Net income                                           $19,987        $16,400        $47,196        $19,410
                                                                =======        =======        =======        =======

           Weighted average common shares outstanding            27,641         26,841         27,356         26,610
                                                                =======        =======        =======        =======

           Basic earnings per share                             $  0.72        $  0.61        $  1.73        $  0.73
                                                                =======        =======        =======        =======

           Diluted EPS
           -----------
           Net income                                           $19,987        $16,400        $47,196        $19,410
                                                                =======        =======        =======        =======

           Weighted average common shares outstanding            27,641         26,841         27,356         26,610

           Assumed conversion of common shares issuable
           under stock option plans                               1,030          1,406          1,028          1,172
                                                                -------        -------        -------        -------

           Weighted average common and common equivalent
           shares outstanding                                    28,671         28,247         28,384         27,782
                                                                =======        =======        =======        =======

           Diluted earnings per share                           $  0.70        $  0.58        $  1.66        $  0.70
                                                                =======        =======        =======        =======
</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                         Nine Months Ended
                                                      March 31,                                  March 31,
                                              -----------------------          ---------------------------------------
                                               2000              1999                2000                       1999
                                               ----              ----                ----                       ----
<S>                                           <C>                <C>           <C>                             <C>
           Number of options excluded           16                 0                  488                        81

           Option price per share             $68.625             NA           $54.50 to $68.625               $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 March 31, 2000.

5.       DISPOSITION

         In February 2000, the Company sold the retail third-party bank
         marketing component of its Brokerage Services division to a financial
         services company. The sale had no material impact on the Company's
         financial position or results of operations for the three months ended
         March 31, 2000.

                                       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           Nine Months Ended
                                                            March 31,                   March 31,
                                                      -------------------         --------------------
                                                       2000          1999          2000           1999
                                                      -----         -----         -----          -----
<S>                                                   <C>           <C>           <C>            <C>
Revenues                                              100.0%        100.0%        100.0%         100.0%
                                                      -----         -----         -----          -----

Operating costs and expenses:
  Service and operating                                55.1          55.4          58.0           57.0
  General and administrative                           13.1          14.1          13.9           15.1
  Selling and conversion                                4.9           4.6           4.9            5.0
  Research and development                              2.3           2.1           2.2            2.6
  Amortization of intangible assets                     2.0           1.6           2.1            1.6
  Merger expenses and other charges                    --            --            --              0.1
  Acquired in-process research and development         --            --            --              5.6
                                                      -----         -----         -----          -----
Operating earnings                                     22.6          22.2          18.9           13.0
Interest income (expense), net                          0.1           0.3          (0.1)           0.4
                                                      -----         -----         -----          -----
Income before income taxes                             22.7          22.5          18.8           13.4
Income taxes                                            9.0           9.0           7.4            7.6
                                                      -----         -----         -----          -----
Net income                                             13.7%         13.5%         11.4%           5.8%
                                                      =====         =====         =====          =====
</TABLE>

COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 2000 WITH THE THREE MONTHS ENDED
MARCH 31, 1999.

         Revenues increased 20.1% from $121.3 million for the three months ended
         March 31, 1999 to $145.7 million for the three months ended March 31,
         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.

         Service and operating expenses increased 19.6% from $67.2 million for
         the three months ended March 31, 1999 to $80.3 million for the three
         months ended March 31, 2000, and decreased as a percentage of revenues
         from 55.4% to 55.1%. The dollar increase resulted from additional costs
         associated with greater revenues.

         General and administrative expenses increased 11.9% from $17.1 million
         during the three months ended March 31, 1999, to $19.1 million for the
         three months ended March 31, 2000, and decreased as a percentage of
         revenues from 14.1% to 13.1%. The decrease as a percentage of revenues
         resulted from further utilization of existing general and
         administrative support resources.

         Selling and conversion expenses increased 28.5% from $5.6 million for
         the three months ended March 31, 1999, to $7.1 million for the three
         months ended March 31, 2000, and increased as a percentage of revenues
         from 4.6% to 4.9%. The increases resulted from added costs associated
         with higher selling and conversion activities.

         Research and development expenses increased 31.9% from $2.5 million for
         the three months ended March 31, 1999 to $3.3 million for the three
         months ended March 31, 2000, and increased as a percentage of revenues
         from 2.1% to 2.3%. The increases resulted from increased expenses to
         support additional research and development activities.

         Amortization of intangible assets increased $1.0 million for the three
         months ended March 31, 2000, over the same period last year due to a
         higher level of intangible assets associated with acquisitions.

         The income tax provision of $13.0 million for the three months ended
         March 31, 2000 increased from $10.9 million for the three months ended
         March 31, 1999 due to higher taxable income. The provision represents
         an effective tax rate of 39.5% and 40.0% for the periods ended March
         31, 2000 and 1999, respectively. The lower effective tax rate in the
         current quarter is attributable to recently completed tax planning
         initiatives.

                                       8
<PAGE>   9
COMPARISON OF THE NINE MONTHS ENDED MARCH 31, 2000 WITH THE NINE MONTHS ENDED
MARCH 31, 1999.

         Revenues increased 24.1% from $335.2 million for the nine months ended
         March 31, 1999 to $416.0 million for the nine months ended March 31,
         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.

         Service and operating expenses increased 26.4% from $190.9 million
         during the nine months ended March 31, 1999 to $241.4 million for the
         nine months ended March 31, 2000, and increased as a percentage of
         revenues from 57.0% to 58.0%. The increases resulted from additional
         costs associated with greater revenues.

         General and administrative expenses increased 14.7% from $50.5 million
         during the nine months ended March 31, 1999, to $57.9 million for the
         nine months ended March 31, 2000, and decreased as a percentage of
         revenues from 15.1% 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.

         Selling and conversion expenses increased 22.3% from $16.7 million for
         the nine months ended March 31, 1999 to $20.4 million for the nine
         months ended March 31, 2000, and decreased as a percentage of revenues
         from 5.0% to 4.9%.

         Amortization of intangible assets increased 57.9% for the nine months
         ended March 31, 2000, over the same period last year due to a higher
         level of intangible assets related to acquisitions.

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

         The income tax provision of $30.8 million for the nine months ended
         March 31, 2000 increased from $25.6 million for the nine months ended
         March 31, 1999 primarily due to higher taxable income. The provision
         represents an effective tax rate of 39.5% and 40.0% for the nine months
         ended March 31, 2000 and 1999, respectively, excluding the nonrecurring
         nondeductible charge of $19.0 million related to acquired in-process
         research and development incurred during the nine months ended March
         31, 1999. The lower effective tax rate in the current fiscal nine
         months is attributable to recently completed tax planning initiatives.

LIQUIDITY AND CAPITAL RESOURCES

         At March 31, 2000, the Company had cash and cash equivalents of $52.7
         million and working capital of $66.5 million. At March 31, 2000, the
         Company had outstanding borrowings of $9.0 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 March 31,
         2000 was 6.64%. At March 31, 2000, 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 nine months ended March 31, 2000, operating activities provided
         cash of $64.1 million. Investing activities used cash of $14.6 million,
         primarily for the acquisition of intangibles of $5.2 million and
         capital expenditures of $20.5 million, offset by $5.4 million of net
         proceeds from dispositions and $2.8 million of net investment activity.
         Financing activities used cash of $46.5 million, primarily for the
         repurchase of common stock of $18.2 million and net repayments on
         borrowings of $43.0 million, offset by proceeds from the exercise of
         stock options of $12.4 million and issuance of stock of $2.2 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.

                                       9
<PAGE>   10
         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 nine
         months ended March 31, 2000 and 1999. For the nine months ended March
         31, 1999, 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.

<TABLE>
<CAPTION>
                                                                          (in Thousands)
                                                      Three Months Ended                 Nine Months Ended
                                                           March 31,                          March 31,
                                                   -------------------------         -------------------------
                                                     2000             1999             2000             1999
                                                     ----             ----             ----             ----
<S>                                                <C>              <C>              <C>              <C>
        Operating Revenue:
           Information Services                    $ 46,332         $ 45,368         $130,492         $129,873
           Investment Services                       76,142           61,790          221,723          169,211
           Insurance and Education Services          23,183           14,144           63,799           36,100
                                                   --------         --------         --------         --------
             Total Operating Revenue               $145,657         $121,302         $416,014         $335,184
                                                   ========         ========         ========         ========

        Operating Income:
           Information Services                    $ 12,610         $ 12,211         $ 30,065         $ 29,312
           Investment Services                       14,846           11,764           37,070           29,585
           Insurance and Education Services           8,742            5,906           21,063           12,400
           Corporate                                 (3,350)          (2,867)          (9,627)          (8,236)
                                                   --------         --------         --------         --------
             Total Operating Income                $ 32,848         $ 27,014         $ 78,571         $ 63,061
                                                   ========         ========         ========         ========
</TABLE>

         Revenue in the Information Services business segment increased $1.0
         million, or 2.1%, during the three months ended March 31, 2000,
         compared to the same period last year. For the nine months ended March
         31, 2000, revenues increased $0.6 million, or 0.5%, compared to the
         same period last year. The below normal revenue increase was primarily
         due to the June 1999 sale of the Marketing Solutions business and
         softness in Document Solutions software sales due to the residual Year
         2000-related impact. Operating income in the Information Services
         business segment increased $0.4 million, or 3.3%, during the fiscal
         third quarter, resulting in operating margins of 27.2% and 26.9% for
         the three months ended March 31, 2000 and 1999, respectively. Margins
         increased slightly in the fiscal third quarter primarily due to the
         continued strong performance within the Information Solutions division.
         Operating income increased $0.8 million for the nine months ended March
         31, 2000, resulting in operating margins of 23.0% and 22.6% for the
         nine months ended March 31, 2000 and 1999, respectively. Margins
         improved in the nine months ended March 31, 2000, 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 $14.4
         million, or 23.2%, during the three months ended March 31, 2000,
         compared to the same period last year. For the nine months ended March
         31, 2000, revenues increased $52.5 million, or 31.0%, 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 $3.1
         million, or 26.2%, during the fiscal third quarter, resulting in
         operating margins of 19.5% and 19.0% for the three months ended March
         31, 2000 and 1999, respectively. Operating income increased $7.5
         million for the nine months ended March 31, 2000, resulting in
         operating margins of 16.7% and 17.5% for the nine months ended March
         31, 2000 and 1999, respectively. Margins declined in the nine months
         ended March 31, 2000, 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 $9.0 million, or 63.9%, during the three months ended March
         31, 2000, compared to the same period last year. For the nine months
         ended March 31, 2000, revenues increased $27.7 million, or 76.7%,
         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

                                       10
<PAGE>   11
         increased $2.8 million, or 48.0%, during the fiscal third quarter,
         resulting in operating margins of 37.7% and 41.8% for the three months
         ended March 31, 2000 and 1999, respectively. Operating income increased
         $8.7 million, or 69.9%, for the nine months ended March 31, 2000,
         resulting in operating margins of 33.0% and 34.4% for the nine months
         ended March 31, 2000 and 1999, respectively. Margins declined in the
         fiscal third quarter and for the nine months ended March 31, 2000 due
         to the inclusion of the Education Services division that was acquired
         in the fourth quarter of fiscal 1999 and whose margins are lower than
         the Insurance Services division.

         Corporate operations represent charges for the Company's human
         resources, legal, accounting and finance functions, and various other
         unallocated overhead charges. Increased expenses of $0.5 million and
         $1.4 million in the three and nine months ended March 31, 2000,
         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 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 incurred expenditures for Year 2000
         testing and remediation of approximately $0.8 million and $1.8 million
         for the nine months ended March 31, 2000 and 1999, 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 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.

                                       11
<PAGE>   12
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

                  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: May 12, 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)

                                       15