There are two types of erosion that can cause the "cut bank" that I think you are describing.

The first type is wave erosion at the surface of the pond. Each little wave draws a tiny amount of sediment from the bank into the pond, until it makes a flat shelf of sediment just below the water surface of the pond. This becomes a relatively "stable" feature because the shelf of sediment just under the water robs the waves of their erosive energy. There is a chance your pond looks badly eroded, but it is not actually getting worse.

The second type is called "headwall erosion". Imagine the sharp ravines in the badlands of the old western movies. When water flowing down a slope hits a steep edge, it picks up lots of velocity and continues to erode the steep bank in a headward direction. This may be the case in your pond if there are lots of surface flows of water through your yard into the pond. It should appear worse where there is a little dip or gulley in the yard coming to the edge of the pond.

The second type is easily fixed by grading the yard to divert the surface flows away from the eroding areas.

It is not possible to give the "best" fix over the internet because every situation is unique.

My advice would be for you to watch the erosion over the spring and summer. (Unless it is getting rapidly worse.) Observe what is happening under the changing conditions of the seasons. You should then be able to formulate a reasonably priced solution that also minimizes the required labor.