Neural Network for Pattern Recognition

As famously quoted by Margaret Heffernan: - “A great deal of creativity is about pattern recognition, and what you need to discern patterns is tons of data. Your mind collects that data by taking note of random details and anomalies easily seen every day: quirks and changes that, eventually, add up to insights.” Pattern recognition helps us to identify almost everything in day-to-day life. Not only it’s a natural phenomenon for living beings but also an important aspect for Artificial Intelligence. It is the key for development in every field like Medical Diagnosis (ECG), Technology (Face Recognition, Fingerprint Recognition, Retina Scan), Defense (Automated Target recognition like Laser Guided Bombs and Image Segmentation and analysis from Aerial Snapshots) etc. There are various methodologies in Pattern Recognition like Template Matching, Statistical Approach etc. but it is said natural process can be best achieved by imitating nature. Is it? Is Neural Network better than other approaches?