Neural networks are used to solve complex problems that require analytical calculations similar to those of the human brain. The most common uses for neural networks are:
Classification. NNs label the data into classes by implicitly analyzing its parameters. For example, a neural network can analyse the parameters of a bank client such as age, solvency, credit history and decide whether to loan them money.
Prediction. The algorithm has the ability to make predictions. For example, it can foresee the rise or fall of a stock based on the situation in the stock market.
Recognition. This is currently the widest application of neural networks. For example, a security system can use face recognition to only let authorized people into the building.