Perhaps there is a more natural solution. My back yard pond has some vegetation that as established itself from a single flower pot that was purchased from a home center. It is attractive (small white flowers), grows both under and next to water, grows only 18" high and makes a good home for fish, frogs turtles and ducks.
My best attempt to identify this is this:
http://www.parkswholesaleplants.com/spring-plants/stepables/pratia-white-star-creeper/I think if you spaced some along the shoreline, it would establish itself and stop the erosion without taking over and choking your pond.
